Chinese tech giants Tencent and Alibaba are strengthening rules around non-fungible tokens (NFTs) on their platforms, as the firms seek to get ahead of potential scrutiny of the tokens, which are referred to as digital collectibles in China due to NFTs operating in a grey area, reports the South China Morning Post.
In newly updated terms of service, Alibaba affiliate Ant Group’s NFT platform Jingtan said that it would “alert the police and hand over [details] to judicial authorities” if users are found to be organizing transactions outside the platform in ways that constitute criminal activities.
Buyers who use specialized software to snatch up digital collectibles during sales, or those who engage in money laundering and fraudulent activities, will also be reported to authorities, the company said.
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