HomeBusinessChina cyberspace regulator drafts new rules for internet behemoths - sources

China cyberspace regulator drafts new rules for internet behemoths – sources

HONG KONG/BEIJING : China’s cyberspace regulator has drafted new tips that may require the nation’s internet behemoths to acquire its approval earlier than they undertake any investments or fundraisings, sources aware of the matter stated on Wednesday.

The proposed necessities from the Cyberspace Administration of China (CAC) will apply to any platform firm with greater than 100 million customers, or with greater than 10 billion yuan ($1.58 billion) in income, they stated.

Any internet agency concerned in sectors named on the damaging record issued by China’s National Development and Reform Commission final 12 months will even want to use for approval, the sources stated.

The sources declined to be identify as the knowledge was not but public. The CAC didn’t instantly reply to a Reuters request for remark.

($1 = 6.3483 Chinese yuan)

(Reporting by Xie Yu, Yingzhi Yang and Zhang Yan, Editing by Brenda Goh and Jacqueline Wong)

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