China Justice Observer

中司观察

EnglishArabicChinese (Simplified)DutchFrenchGermanHindiItalianJapaneseKoreanPortugueseRussianSpanishSwedishHebrewIndonesianVietnameseThaiTurkishMalay

PBOC Bans Marketing Services for Virtual Currency Business

Fri, 06 Aug 2021
Categories: China Legal Trends
Contributors: CJO Staff Contributors Team
Editor: Yuan Yanchao 袁燕超
Save as PDF

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

Save as PDF

China Legal Trends

You might also like

China Enacts Landmark Private Economy Promotion Law

China enacted its landmark first Private Economy Promotion Law, effective May 20, 2025, to guarantee fair competition, streamline market access via a unified negative list, and bolster private enterprises through financing, innovation, and service support.

China Strengthens Criminal IP Protection with New Rules

In April 2025, China’s top court and procuratorate jointly issued a new judicial interpretation to clarify standards for handling criminal intellectual property infringement cases, aiming to strengthen IP protection, particularly in the service sector.

SPC’s 2024 Typical IP Cases Include AI Face-Swap Ruling

In April 2025, China’s Supreme People’s Court released eight typical IP cases, highlighting judicial responses to emerging issues in AI, gaming, and biotech, including a landmark ruling on AI face-swapping copyright infringement.

China Eases Tax Refunds to Boost Inbound Tourist Spending

In 2025, China has lowered its departure tax refund threshold from 500 RMB to 200 RMB and doubled cash refund limits to 20,000 RMB while expanding eligible stores and streamlining processes, aiming to boost inbound tourism spending and promote Chinese products.

Chinese Courts Bolster Pregnant Workers' Rights Protection

In April 2025, China's Ministry of Human Resources and Supreme People's Court released typical labor dispute cases emphasizing stronger protection of pregnant employees' rights, including a case where unlawful job reassignment and salary reduction were ruled illegal.

China Revises Marriage Registration Regulation

China's revised marriage registration rules, effective May 2025, eliminate location restrictions, simplify procedures by removing hukou requirements, and align divorce processes with the Civil Code's cooling-off period.

China’s SPC Issues Foreign State Immunity Case Guidelines

In March 2025, China's Supreme People's Court (SPC) issued procedural guidelines for handling civil cases involving foreign state immunity, implementing the country's shift from absolute to restrictive immunity under the new Foreign State Immunity Law.