Tencent lays off staff at NFT unit as Chinese regulators step up scrutiny

Tencent lays off staff at NFT unit as Chinese regulators step up scrutiny

REUTERS/Aly Song

Tencent Holdings Ltd. is laying off staff at its non-fungible token (NFT) purchase and collection platform Huanhe, sources close to the Chinese internet giant told Caixin, amid intensified regulatory scrutiny over transactions in the tokens that aim to provide proof of ownership of digital assets such as works of art.

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