China’s central bank and seven other regulators unveiled new rules that classify virtual currency issuance and trading among illegal financial activities that must not receive online marketing support, as Beijing moves to tighten supervision of financial product promotions across the internet.
The measures, released by the People’s Bank of China together with regulators overseeing industry, markets, banking, securities, intellectual property, cyberspace and foreign exchange, will take effect on September 30, 2026. They are aimed at standardising how financial products are promoted online and strengthening protection for consumers and investors.
Crypto Promotion Placed Under Illegal Finance Controls
The rules do not create a separate crypto licensing regime. Instead, they place virtual currency issuance and trading within a broader list of prohibited financial activities when conducted without approval or in breach of China’s financial regulations.
That list also covers illegal fundraising, unauthorised securities and futures activities, unlawful deposit-taking, illegal lending, foreign exchange margin trading and overseas institutions offering financial products or services to domestic residents without permission.
Under the framework, no institution or individual may provide online marketing services or other promotional support for such activities.
Internet Platforms Face Tighter Boundaries
The new rules apply to licensed financial institutions that market products online, as well as third-party internet platforms entrusted by those institutions to provide marketing services.
Regulators also said third-party platforms must verify the qualifications of institutions they work with and monitor business conduct. If they discover illegal financial activity or irregular financial business, they must stop it and report the matter to financial authorities.
Crackdown on Misleading Financial Ads
The rules also bring crypto-related promotions into the broader crackdown by banning online marketing support for unauthorised virtual currency issuance and trading.
Marketing content must not rely on false claims, unverified data or language suggesting easy profits, guaranteed returns or limited losses. The measures also prohibit inducive phrases such as “low risk,” “high yield,” “instant arrival,” “low threshold” or “no cost.”
Livestreams, short videos, public accounts and algorithm-based recommendations also fall under the framework, giving regulators wider scope to police online funnels that direct users toward unauthorised crypto or financial schemes.
Blockchain Gains Ground as Crypto Faces Scrutiny
China’s latest restrictions on virtual currency promotion come as Beijing pushes blockchain deeper into state-supervised lending and data-sharing systems, highlighting its effort to separate speculative crypto activity from digital infrastructure it sees as useful to the real economy.
On April 6, the State Tax Administration and the National Financial Supervisory Authority directed regional tax agencies and banks to use blockchain and privacy-enhancing computing to improve tax-data sharing for small and medium-sized businesses.
The framework is designed to help lenders assess the creditworthiness of SMEs by using verified tax compliance records rather than relying only on physical collateral. Banks would receive standardised, machine-readable information, while privacy tools allow them to evaluate applicants without directly accessing sensitive source documents.
Blockchain would provide a tamper-resistant audit trail that reduces document fraud and speeds up verification, while building on China’s “bank-tax interaction” program, which has helped channel trillions of yuan in loans to tax-compliant small businesses since 2015.
