OPINION: With China tightening regulations that impact fundamental areas of society, it may be wise for investors to question whether there could be knock-on effects outside China if other regulators follow suit, writes Helmo Preuss.
The State Administration of Market Regulation , which is similar to South Africa’s Competition Commission, said it would further regulate the sharing economy, a sector that includes companies facilitating ride-sharing, bike-sharing, home-sharing and even the pooling of battery packs for phones.
In May, three financial regulators widened curbs on China's cryptocurrency sector by barring banks and online payment firms from use of cryptocurrency for payment or settlement. They also barred institutions from providing exchange services between cryptocurrencies and fiat currencies, and prohibited fund managers from investing in cryptocurrencies as assets.
“The government’s list of policy considerations is diverse, but broadly encompasses data privacy, national security, socio-economic considerations, and a recognition that regulatory oversight has not kept abreast with the expanding reach and influence of China’s online sector,” Fitch said.
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