China’s central bank and seven other regulators have issued the “Administrative Measures for Online Marketing of Financial Products” (Announcement No. 9), dated April 21 and released Friday. The rules take effect on September 30 and restrict online financial product marketing to licensed financial institutions and approved platforms, banning unauthorized promotion or assistance in illegal financial activities.
The policy explicitly includes digital currency issuance, crypto trading, and illegal foreign exchange margin services within the definition of illegal financial activity. This reinforces China’s 2021 stance when the People’s Bank of China declared all crypto transactions illegal.
Broad Regulatory Oversight Targets Online Promotion Layer
Authorities stated that platforms, intermediaries, and content creators can be held responsible for facilitating or failing to prevent illegal financial marketing. The rules aim to curb misleading promotions, including livestream selling and viral social media campaigns tied to high-risk financial products.
The framework was issued by major regulators including the People’s Bank of China, Cyberspace Administration of China, China Securities Regulatory Commission, and others, reflecting a coordinated national enforcement approach.
Global Crackdown on Financial Influencers Intensifies
Similar actions are emerging worldwide. Italy’s CONSOB and the European Securities and Markets Authority have warned that social media investment promotions must follow strict rules. Australia’s ASIC highlighted rising reliance on influencers and AI tools among Gen-Z investors, many of whom hold crypto.
In the UK, the Financial Conduct Authority led a multi-country enforcement campaign involving 17 regulators, resulting in criminal cases, warning alerts, and takedown requests against illegal financial influencer content.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.