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PBOC Bans Marketing Services for Virtual Currency Business

Fri, 06 Aug 2021
Categories: China Legal Trends

On 6 July 2021, the General Administration Office of the People's Bank of China (PBOC) and Beijing Municipal Finance Bureau jointly released the “Warning Statement of Preventing Risks in Virtual Currency Trading”(关于防范虚拟货币交易活动的风险提示), requiring relevant institutions not to provide relevant services for virtual currency business.

The two authorities warn relevant institutions within their jurisdiction that they shall not provide business premises, commercial display, marketing, and promotion, paid referral traffic, and other service for business activities related to virtual currencies. Financial institutions and payment institutions within their jurisdiction shall not directly or indirectly provide services related to virtual currencies for customers.

The two authorities also remind that recently, collaborating with the government of Huairou District, they have ordered the rectification and deregistration of Beijing Qudao Culture Development Co., Ltd. over its suspected involvement in providing software services for virtual currency trading, and have its website deactivated.

 

 

Cover Photo by Denny Ryanto (https://unsplash.com/@runninghead) on Unsplash

Contributors: CJO Staff Contributors Team

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