China: Management measures for internet public fundraising service platforms including operational license requirement enters into force

On 1 May 2026, the Measures for the Administration of Internet Public Fundraising Service Platforms including an operational licence requirement enters into force. The Measures apply to internet public fundraising service platforms operating in China and the entities operating them. The Measures require platforms to obtain official designation from the State Council Civil Affairs Department before providing internet public fundraising services. Operating entities are 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 are also 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.