👀 China 🇨🇳: Supreme Court Revises Anti-Money Laundering Law to Include Virtual Assets

👀 China 🇨🇳: Supreme Court Revises Anti-Money Laundering Law to Include Virtual Assets

Income conversion and transfer from digital transactions will now be regulated under rules that prohibit “concealing the origin and nature of illegally obtained income and its benefits by any means”.

➡️ Historical context: The “Anti-Money Laundering Law” was approved on January 1, 2007, and this amendment represents the first significant update in nearly two decades. The cryptocurrency trading ban was implemented in 2017, followed by inter-agency measures against crypto activities in 2021.

➡️ Since 2019, the number of individuals prosecuted for money laundering has increased by 20 times.

➡️ Penalties for violators include fines ranging from $1,400 to $28,000. Offenders could also face prison sentences of 5 to 10 years, particularly if they refuse to cooperate with authorities or if the laundered amount exceeds $700,000.

These changes come amid recent speculation on "X" about the possibility of China lifting its cryptocurrency ban soon. However, this remains unlikely at the moment…

#news #crypto #Asia #China

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