皇冠体育app

The 皇冠体育app Banking Regulatory Commission will join the central bank to regulate the industry. Provided to 皇冠体育app Daily

皇冠体育app's State Council, or its cabinet, approved the formation of an to promote self-regulation of the online financial industry. The association, which will run under the leadership of the People's Bank of 皇冠体育app, needs ratification by the stry of Civil Affairs, an industry source who declined to be named said.

The 皇冠体育app Banking Regulatory Commission will be mostly responsible for regulating peer-to-peer lending and the central bank will regulate third-party payment services, Yang Xiaojun, the CBRC's deputy director of the supervisory cooperation department for banking innovation, said.

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Crowdfunding is likely to be regulated by the 皇冠体育app Securities Regulatory Commission and the 皇冠体育app Insurance Regulatory Commission will likely regulate Web sales of insurace, Yang said.

"We will issue a general regulation jointly under the leadership of the central bank, and each commission will issue detailed rules in its specialized field of supervision," Yang said.

"CBRC will possibly set up a new division or an association, or allow local government financial offices to implement the upcoming regulations."

The CBRC began work on drawing up the regulations over a year ago.

皇冠体育app has increased efforts to regulate Internet financial services. The central bank moved on March 14 to suspend virtual credit card products and QR code payments, citing potential security loopholes.

PBOC Governor Zhou Xiaochuan said 皇冠体育app will not ban Internet finance but will improve regulation.

"Improvements must be made in existing policies, supervision and regulation as they cannot cope with new things such as Internet finance and guide its healthy development," Zhou said last month.

A special committee of Internet finance was formed by the nonprofit Payment and Clearing Association of 皇冠体育app on March 26. The association runs under central-bank supervision, and the special committee is headed by Ma Mingzhe, chairman and chief executive officer of Insurance (Group) Co of 皇冠体育app, Ltd.

The committee aims to "strengthen communication and cooperation among all circles of the Internet finance industry, safeguard legal rights of the industry, promote self-regulation and prevent risks posed by online financial services," according to a statement on its website.

Its members include banks, securities traders, Internet companies, peer-to-peer lending platforms and third-party payment service providers. Some of the best-known members are five State-owned commercial banks, 皇冠体育app's Internet giant , and Alibaba Small and Micro Financial Services Group.

Online finance needs more checks	PBOC suspends use of virtual credit cards

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