China’s central bank and seven other regulatory agencies have finalized the “Notice No. 9 on the Administration of Online Marketing of Financial Products” (Notice No. 9), published today.
The rules take effect on September 30 and restrict online marketing of financial products to licensed financial institutions and trusted third-party platforms, and prohibit any organization or individual from offering online marketing services or any other form of assistance that facilitates illegal financial activity.
The document emphasizes that the issuance and trading of digital currencies, as well as illegal margin lending activities in the foreign exchange market, fall within the definition of illegal financial activity. This wording confirms the position expressed by the People’s Bank of China in 2021, when it declared all cryptocurrency transactions illegal.
Officials present these measures as consumer protection measures aimed at curbing misleading or aggressive online advertising, including live sales broadcasts and viral campaigns promoting leveraged or opaque products. The rules stipulate that platforms, intermediaries, and content creators may be held liable for facilitating or failing to prevent such advertising.
China already banned domestic cryptocurrency trading and mining platforms, and banned financial institutions from providing cryptocurrency-related services, forcing much of the activity out of the country’s financial system.
The new requirement focuses on online marketing and prevents platforms, intermediaries, and content creators from promoting prohibited goods, which could be considered as participating in illegal financing.
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