China to stiffen crypto regulations with new anti-money laundering laws

China to stiffen crypto regulations with new anti-money laundering laws
фото показано с : invezz.com

2024-1-31 12:56

China plans to revise its Anti-Money Laundering policies to include cryptocurrencies. The move remains crucial as the nation has never updated its AML rules since its 2007 inception. Anticipated to start operating in 2025, legal experts proposed the revised draft in 2021.

China plans to update Anti-Money Laundering (AML) regulations for crypto by 2025, addressing issues in the rapidly evolving space. Wang Xin from Peking University Law School emphasizes the urgency in tackling crypto money laundering.

— BlockVoyager (@BlockVoyagerAIO) January 31, 2024

Experts who participated in drafting the new law have underscored the complexity of encompassing digital coins into the existing framework. Meanwhile, the initial priority will be addressing top challenges, acknowledging that cryptos’ nature presents regulatory obstacles.

Legal scholar Prof. Wang Xin stressed the need to battle money-laundering issues in the cryptocurrency market. The sector has seen increased fraudulent cases as it attains mainstream adoption, and the existing Chinese rules do not incorporate crypto in detail.

China’s decision to update its anti-money laundering laws to incorporate crypto showcases its commitment to ensuring legal financial activities. As among the top economies globally, its move to regulate digital assets could see other jurisdictions making similar actions. That might welcome standardized laws for cryptocurrency regulation.

Global impacts

China’s move to increase crypto oversight has global effects. As digital assets gain increased adoption, authorities face challenges ensuring financial revolution while not compromising security.

China’s massive approach will likely help other governments facing similar problems. By prioritizing regulatory aspects, China is pioneering the crypto revolution, which participants can enjoy without worrying about illegal activities.

In conclusion, updating China’s AML rules to include crypto marks a crucial development for the country and the global market. It shows the urgent need for comprehensive frameworks to address the rapidly evolving crypto landscape and the worries of crypto usage in financial crimes.

The post China to stiffen crypto regulations with new anti-money laundering laws appeared first on Invezz

origin »

pxUSD Synthetic USD Expiring 1 April 2021 (PXUSD_MAR2021) на Currencies.ru

$ 1.1454 (-0.84%)
Объем 24H $0
Изменеия 24h: 7.63 %, 7d: 11.97 %
Cегодня L: $1.1454 - H: $1.1454
Капитализация $0 Rank 3882
Доступно / Всего 0 PXUSD_MAR2021

laundering china anti-money 2007 inception draft 2021

Источник: invezz.com

laundering china → Результатов: 32


Police Freeze Chinese Crypto OTC Traders’ Accounts; Digital Assets Tied to Laundered Money

Chinese Police freeze crypto over the counter traders (OTC) accounts to investigate a possible incident of money laundering stains on some of the digital assets on exchanges. The abrupt halt in China’s biggest fiat on- and off- ramp gives sets in surveillance by the relevant law enforcement officers with locked users’ accounts needing an “approval […]

2020-6-9 19:02


UN Accuses North Korea Of Laundering Money Via Hong Kong-based Blockchain Company

The sanctions committee of the United Nations has recently accused North Korea of using a blockchain firm in order to launder money overseas. According to the committee, an investigation was conducted and it was discovered that the country was using cryptos to evade sanctions imposed on it by the international community. Marine China, a blockchain […]

2019-11-7 23:00


Фото:

China’s National Digital Currency is Anything but Decentralized says Ethereum Co-Founder

China’s national digital currency is in the works, which would monitor transactions and curb money laundering. However, according to a recent interview with CNBC on November 5, 2019, Ethereum co-founder, Joseph Lubin, believes that China’s central bank digital currency (CBDC) lacks a key component of blockchain technology, which is decentralization.

2019-11-6 10:00


Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Cambodia crackdown locks out 16 crypto exchanges

Cambodia has intensified its digital assets regulatory measures. It has placed a ban on 16 popular cryptocurrency exchange platforms. Cambodia has reportedly blocked websites of 16 crypto exchanges amid regulatory efforts to combat potential crypto related crime.

Pennsylvania House passes bipartisan Bitcoin bill

Pennsylvania House of Representatives have passed “The Bitcoin Rights Bill”, with a bipartisan majority of 176 to 26. The bill seeks regulatory clarity to the digital assets industry, including on self-custody, payments and taxation.

CFTC Chair says 70-80% of cryptocurrencies are non-securities

CFTC Chair Rostin Behnam says a majority of cryptocurrencies, 70-80%, are non-securities. Behnam appeared before the  U. S. Senate Committee on Agriculture, Nutrition and Forestry’s Hearing on the Oversight of Digital Commodities on Wednesday.