14 Oct 2016
China’s cabinet and major financial regulators on Thursday published details of rules aimed at stamping out fraud and illegal fundraising in the country’s fast-growing online finance sector.
The State Council document, which dates from April, provides guidelines and more far-reaching oversight for regulation of online financial activity, including peer-to-peer (P2P) lending, crowd-funding and third-party payments.
The goal is to provide “market order” and safeguard the “vital interests” and “legitimate rights” of financial consumers, an unnamed senior official told the state-run Xinhua News Agency.
China’s banking regulator in August issued the first set of regulations under the guidance. Those rules were aimed at cracking down on fraud in the country’s $93 billion peer-to-peer (P2P) lending market.
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