Citing news from Sina VR, the WeChat public platform updated the “Code of Conduct”, adding new clauses related to the transaction of digital collections. According to Section 3.24 of the “Rules of Conduct”, the account is involved in the issuance, trading and financing of virtual currency. Once discovered, the WeChat public platform will order the violating public account to rectify within a time limit and restrict some functions of the account until it is permanently based on the severity of the violation. Titles and accounts that provide services or content related to the secondary transaction of digital collections will also be handled in accordance with the specifications of this article.
In the past few months, a large number of WeChat public accounts related to digital collections have been blocked. Most of them were blocked because of “the act of publishing, disseminating or engaging in related business activities without obtaining a statutory license or license”, and a few were blocked. The reason is alleged fraud. In addition to direct bans, WeChat officials also sent qualification review reminders to some digital collection platforms, requiring the platforms to provide qualification certificates for engaging in relevant business activities.
WeChat stated that for WeChat official accounts that only provide digital collection display and first-level transactions, the other party will be required to provide a cooperation certificate with a blockchain company approved by the Cyberspace Administration of China as a qualification certificate, and second-level transactions are not supported. In terms of mini programs, WeChat currently only has digital collection displays and first-level gifts, and digital collection transactions and multi-level circulation are not open. If any bypassing confrontation is found, it will be banned or removed according to the degree of violation.