WeChat is considered to be one of the leading Chinese messaging, payment and social media application. Today, they are updating their policies since they are worried about government raids and need to regulate NFT platforms which are alluding lack of regularity clearness! Now, why is that?

Precautionary measures!

With the increase in the NFT platforms, precautionary measures needed to be executed simply to avoid the spread of bot purchases and illegal transactions taking place. For example, WeChat removed and banned several platforms who were found violating the rules such as Xihu No.1 and Dongyiyuandian. The NFTs are still available, but the trading associated with them have been banned.

The report released says, and we quote, “Under the background that the compliance of digital collections is not clear, many platforms have begun to actively crackdown on violations to prevent further fermentation of related behaviors.”

What’s with the government crackdown?

Well, you may have heard that back in September 2021, the Chinese government banned crypto! Silly right? Well, firms then weren’t allowed to conduct any transaction related to the crypto world, which led them to undergo updates in their user agreements and policies in order to avoid clashes with the government. Hence, the banning of violating NFT platforms done by WeChat is considered to be a smart move in order to stop future infractions!