What Do China’s New Online Marketing Rules Cover?
China’s central bank and seven other regulators have finalized new rules governing the online marketing of financial products, tightening control over how such products are promoted across digital platforms. The measures, formally issued as Announcement No. 9 and dated April 21, will take effect on Sept. 30.
The framework restricts online financial marketing to licensed financial institutions and authorized third-party platforms. It also prohibits 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.
How Do the Rules Reinforce China’s Crypto Ban?
The new measures explicitly classify 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.
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, focusing on how such products are promoted rather than just how they are traded or issued.
By targeting advertising channels, regulators are closing remaining gaps that allowed indirect exposure to crypto-related services through online promotion, affiliate marketing, and influencer-driven content.
Investor Takeaway
Who Is Responsible Under the New Framework?
The measures place responsibility not only on financial institutions but also on platforms, intermediaries, and individuals involved in distributing or promoting financial content. This includes social media platforms, marketing agencies, and online influencers.
Authorities warn that entities facilitating or failing to prevent illegal financial marketing may be held accountable, effectively broadening enforcement to include the entire digital distribution chain.
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.
Investor Takeaway
How Does This Compare to Global Regulatory Trends?
Regulators in other jurisdictions are also increasing scrutiny of online financial promotion, particularly through social media. In Europe, Italy’s CONSOB has reinforced guidance from the European Securities and Markets Authority, warning that investment promotion rules apply fully to influencer content.
In Australia, the Australian Securities and Investments Commission has highlighted the growing influence of social media and artificial intelligence tools on investment decisions among younger investors, noting that a significant share of Gen-Z participants rely on online personalities for trading ideas.
In the United Kingdom, the Financial Conduct Authority coordinated a multi-jurisdiction enforcement campaign involving 17 regulators, resulting in criminal proceedings, warning alerts, and takedown requests targeting illegal financial promotions.
