China: Chinese Ministry of Civil Affairs, Ministry of Industry and Information Technology, and Cyberspace Administration adopted Management Measures for Internet Public Fundraising Service Platforms including operational licence requirement

On 22 March 2026, the Chinese Ministry of Civil Affairs, Ministry of Industry and Information Technology, and Cyberspace Administration jointly published the Management Measures for Internet Public Fundraising Service Platforms including an operational licence requirement. The Measures will apply to internet public fundraising service platforms operating in China and the entities operating them. The Measures will require platforms to obtain official designation from the State Council Civil Affairs Department before providing internet public fundraising services. Operating entities will be required to hold independent legal personality, to have operated for at least two years, and, where the operating entity is a company, to have paid-in registered capital of at least CNY 20 million. Operating entities will also be required to obtain an Internet Information Services (ICP) filing number, hold a telecommunications business operating licence where applicable, provide network payment services through banks or non-bank payment institutions licensed under the Payment Business Licence, ensure platform independence with risk-isolation mechanisms between affiliated businesses, maintain sound internal governance, and have no record of serious unlawful conduct or related administrative penalties. The Measures will enter into force on 1 May 2026.