China's central bank, along with seven other regulators, has finalized new rules targeting the online marketing of financial products, significantly tightening control over how such products are promoted across digital platforms. Formally issued as Announcement No. 9 on April 21, the measures are set to take effect on September 30.
The new framework explicitly classifies digital currency issuance and trading, along with illegal foreign exchange margin business, as illegal financial activities. This formalizes and extends the stance taken in 2021, when authorities declared all crypto transactions illegal within the country. By targeting advertising and promotion channels, regulators are closing remaining gaps that allowed indirect exposure to crypto-related services through online promotion, affiliate marketing, and influencer-driven content.
Under the new rules, online financial marketing is restricted to licensed financial institutions and authorized third-party platforms. The measures prohibit any organization or individual from providing services that facilitate illegal financial activities, extending liability beyond issuers to intermediaries and content distributors. Regulators have framed the measures as a consumer protection step, targeting misleading promotions, aggressive sales tactics, and the rise of livestream-driven marketing for complex or leveraged financial products.
The regulatory group behind the measures includes the People's Bank of China, the Ministry of Industry and Information Technology, the State Administration for Market Regulation, the National Financial Regulatory Administration, the China Securities Regulatory Commission, the State Intellectual Property Office, the Cyberspace Administration of China, and the State Administration of Foreign Exchange.
China has already dismantled domestic crypto trading platforms and mining operations, while banning financial institutions from offering crypto-related services. The latest rules expand enforcement to the marketing layer, placing responsibility not only on financial institutions but also on platforms, intermediaries, and individuals involved in distributing or promoting financial content, including social media platforms, marketing agencies, and online influencers.
