The scope of China’s latest crackdown on celebrity livestreamers has widened to include a ban on their marketing of financial products.
Chinese authorities issued draft guidelines last Friday that would require individuals engaged in online marketing of financial products through livestreaming and social media to be employed by financial institutions and hold professional qualifications.
Under the proposed rules, celebrities would also be banned from recommending and endorsing financial products.
Finance in Livestreaming
In November last year, authorities had already begun tightening financial activities via live streaming by banning such online influencers from recommending stocks or pitching brokerage accounts.
The China Securities Regulatory Commission (CSRC) issued the order, adding that livestreamers should focus on the analysis of the macro economy and the overall market for commentaries.
The latest rules are part of a broader crackdown on online influencers including a $210 million fine against China’s «livestreaming queen» Huang Wei – also known as Viya – over alleged tax evasion.
