Công nghệ

Tencent, Alibaba tighten regulations on NFT

NFTs are a form of high-value digital collectibles that are still under strict scrutiny from the Chinese government.

Tencent Holdings and Alibaba Group Holding are tightening the rules that apply to non-fungible tokens (NFTs) on their platforms. That’s because the NFT is still operating in the legal “gray zone” in China.

Tencent, Alibaba tighten regulations on NFT

In the updated terms of service, Ant Group’s NFT Jingtan platform says it will notify the authorities if a user is found to be organizing transactions outside of the platform in a manner that constitutes criminal activities.

Buyers who use specialized software to obtain digital collections during sales, or who engage in money laundering and fraud activities, will also be reported to the authorities.

In particular, Tencent’s WeChat platform in the past few weeks has banned a number of programs (mini programs) that offer digital collectibles (NFTs).

Among the banned categories is West Lake No 1, a digital collectible mini program offered by Hangzhou, Shenzhen-based silk products manufacturer Wensli. The company is about to release its own website and app after being banned. Dongyiyuandian and TheOne.art, two other websites that sell digital collectibles, were also banned by WeChat in the past few weeks for the same reason. Tencent itself is running its own NFT platform, Huanhe.

Beijing still accepts activities around NFTs – data stored on a blockchain that represents the uniqueness and ownership of digital assets.

Unlike elsewhere, NFTs are priced and sold in China in renminbi rather than using cryptocurrencies, and the platforms don’t allow tokens to be resold once they are purchased.

On Alibaba’s Jingtan, buyers are allowed to transfer NFTs to other users for free provided they have held these tokens for at least 180 days.

In February, after discovering that some buyers were trying to secretly sell NFTs on other platforms, Jingtan restricted access to the platform’s transfer function to 56 users.

Both Jingtan and Huanhe require buyers to register with their real names.

Thai Hoang(According to SCMP)

You are reading the article Tencent, Alibaba tighten regulations on NFT
at Blogtuan.info – Source: vietnamnet.vn – Read the original article here

Back to top button