(Yicai Global) Aug. 16 -- Chinese internet giant Tencent Holdings is withdrawing from the non-fungible token scene as its digital collectible platform Huanhe will stop adding new products on its shelves to reduce regulatory risks.

Huanhe's users can still keep their NFTs or apply for full refunds, the Shenzhen-based platform said in a statement today. The marketplace produces and sells NFTs but does not allow further transactions.

Huanhe will not lay off staff, an insider at Tencent said. The adjustment was done to control costs and efficiency, the person added.

Launched less than a year ago, Huanhe is one of the biggest digital collectible platforms in China. The marketplace has sought to ban speculation, according to public data. But users could still download their digital assets and sell them elsewhere.

The latest move was expected. Since June, several assets on the platform have been locked, an insider said. The end of issuance is related to the degree of marketability, the person added.

This year, the gaming and social media giant has been tightening its control over the emerging field of value creation. On March 30, Tencent’s instant messaging app WeChat suspended a large number of accounts related to digital collectibles. The firm said it will rectify and standardize these accounts to prevent risks of speculation related to virtual currencies in accordance with the country’s laws and regulations.

Editor: Emmi Laine, Xiao Yi