PRC regulators oversee a broad range of activities, as follows:

• Setting up a bank would require approval from the NFRA.
• A bank would need to apply for a separate NFRA approval for certain business activities, such as issuing bankcards, acting as custodian for securities investment funds, derivative business, electronic banking, foreign exchange business, and wealth management.
• Setting up an insurance company, insurance assets management company, insurance agency, and insurance brokerage would require approval from the NFRA.
• Setting up a securities company, fund investment company, futures company and investment advisory institution would require approval from the CSRC.
• Setting up a non-financial institution payment service provider (including prepaid card issuance, bankcard acquiring, internet payment, etc.) would require approval from the PBOC.
• Setting up a bankcard clearing institution would require approval from the PBOC.

Cryptoassets and cryptocurrencies-related activities are prohibited in China.  In particular:

• Financial institutions and Payment Service Providers are prohibited from undertaking any business in relation to Bitcoin.
• Initial coin (i.e., cryptoassets and cryptocurrencies) offering is prohibited.
• Online platforms of cryptoassets and cryptocurrencies are prohibited from providing services (including but not limited to trading services) in relation to such assets and currencies in China.