China Bans Online Crypto Promotions

China has finalized stringent regulations prohibiting the online promotion of cryptocurrencies, marking a further clampdown on digital assets amid efforts to safeguard financial stability and protect consumers. The rules, effective September 30, were jointly issued by eight government agencies, including the People's Bank of China, the Cyberspace Administration of China, and the China Securities Regulatory Commission.

The Administrative Measures for Online Marketing of Financial Products restrict all digital financial advertising to licensed institutions and government-approved third-party platforms. Under the framework, no organization or individual may provide online marketing services or assistance that enables illegal financial activities. Issuance and trading of virtual currencies are explicitly classified as such prohibited operations, reinforcing the 2021 nationwide ban on cryptocurrency transactions declared by the People's Bank of China. The measures also encompass unauthorized foreign exchange margin trading and extend oversight to emerging channels like livestreams, short videos, and algorithm-driven promotions.

Authorities emphasize that the initiative targets...