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

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

You might also like

SPC Regulates Online Judicial Auctions

In November 2024, China’s Supreme People’s Court (SPC) issued new guidelines to regulate online judicial auctions, emphasizing transparency in property disclosures, enhanced mechanisms for judgment debtors to self-dispose of auctioned assets, and improved supervision across all auction stages to protect parties' rights and streamline enforcement procedures.

China’s First Tribunal-Ordered Interim Measure Issued in Beijing

In October 2024, an arbitral tribunal at the Beijing Arbitration Commission (BAC/BIAC) issued an interim measure based on the applicant’s request, which was later confirmed and enforced by the court through a preservation order. This is the first of its kind in China, confirming the validity of tribunal-issued interim measures and highlighting the pro-arbitration stance of Chinese courts.

SPC Releases IP Protection Cases in Seed Industry

In October 2024, China's Supreme People's Court (SPC) released key judicial protection cases to strengthen intellectual property rights in the seed industry, focusing on plant variety and breeding material disputes.

China Defines Rules for Calculating Trademark Infringement Gains

In October 2024, the China National Intellectual Property Administration (CNIPA) and the State Administration for Market Regulation (SAMR) jointly issued the “Measures for Calculating Illegal Business Revenue in Trademark Infringement Cases”, which provide detailed operational guidelines for trademark enforcement authorities to calculate illegal business revenue.

SPC Releases Typical Cases on Tourism Disputes

In September 2024, China's Supreme People's Court (SPC) released five typical tourism dispute cases, including health rights disputes caused by wild monkey attacks in Mount Emei, to guide courts in resolving common tourism conflicts and safeguarding tourists' legitimate rights and interests.

China Regulates Network Data Security

China's newly adopted “Regulation on Network Data Security Management”, effective January 1, 2025, seeks to standardize data processing, strengthen personal information protection, and tackle issues such as data security, risk assessments, and personalized profiling.

Beijing & Shanghai Unveil Low-Altitude Economy Plans

Beijing and Shanghai have announced plans to develop the low-altitude economy, aiming to grow the industry to CNY 100 billion and CNY 50 billion respectively by 2027, with a focus on aerial rescue, logistics, and passenger transport.

SPC Releases Typical Antitrust Cases

In September 2024, China's Supreme People's Court (SPC) published eight typical cases on antitrust and unfair competition, highlighting issues like price-fixing, market dominance abuse, and deceptive practices.