CryptoMediaClub
Sunday, June 15, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

China to Revise AML Law to Address Risks Associated with Virtual Assets

15.02.2024
A A
0
120
VIEWS
ShareShare

China is set to revise its outdated Anti-Money-Laundering (AML) law in a bid to tackle the increasing risks associated with virtual assets.

The draft amendment, discussed at a State Council meeting chaired by Chinese Premier Li Qiang, will soon undergo review by the national legislature, according to a report by South China Morning Post.

While the full text of the proposed amendment has not been disclosed, legal scholars have indicated that its primary objective is to combat money laundering involving virtual assets.

The urgency to address money laundering related to virtual assets is emphasized in a report by Chinese digital news media Jiemian, citing Yan Lixin, executive director at the China Centre for Anti-Money-Laundering Studies at Fudan University in Shanghai.

China Takes Proactive Measures Against Crypto

China’s latest initiative in the fight against money laundering reflects the government’s determination to stay abreast of developments in the Web3 space, including non-fungible tokens and other virtual assets.

This effort aligns with the country’s steadfast ban on cryptocurrency operations, such as mining and trading.

The forthcoming amendment to the AML law, expected to be passed next year, aims to address emerging forms of money laundering risks.

Peking University Law School professor Wang Xin, involved in the discussions surrounding the law’s revision, highlights the need to adapt to evolving practices.

Zhang Xiaojin, a senior prosecutor with the Supreme People’s Procuratorate, expressed a commitment to intensify efforts against money laundering and illegal foreign exchange trading crimes, particularly those involving digital currencies for transferring assets abroad.

Chinese authorities have heightened their scrutiny of money laundering cases related to cryptocurrencies in recent years.

In 2022, police in the Inner Mongolia Autonomous Region arrested 63 individuals for laundering 12 billion yuan (US$1.7 billion) using cryptocurrency.

China’s AML Remained Unchanged for 17 Years

China’s AML legislation has remained largely unchanged since its enactment over 17 years ago, failing to account for the advent of cryptocurrencies like Bitcoin ( BTC).

According to Andrew Fei, a partner at law firm King & Wood Mallesons in Hong Kong, revising China’s AML law to address risks associated with virtual assets is deemed necessary, given the significant evolution of international standards and best practices.

The Financial Action Task Force (FATF), an intergovernmental body combatting money laundering and terrorist financing, has already provided detailed recommendations to address virtual assets in the proposed AML law amendment.

Although the FATF rated mainland China as “largely compliant” with virtual asset-related AML recommendations, the country’s prohibition of crypto activities exempted it from several criteria.

Fei said that China should incorporate the relevant FATF recommendations into the amended AML law.

He proposed granting authorities additional powers and tools to specifically target the unique challenges arising from virtual assets and new technologies.

Despite China’s ban on virtual currencies and related activities, the borderless and decentralized nature of virtual asset transactions can still have direct or indirect impacts on the country, especially when exploited for illicit purposes.

The post China to Revise AML Law to Address Risks Associated with Virtual Assets appeared first on Cryptonews.

Share9Tweet6ShareSharePin2

Related Posts

Forget Just Gold, Bitcoin Is Coming for $30T Bond Market Too: Bitwise CEO
All news

Forget Just Gold, Bitcoin Is Coming for $30T Bond Market Too: Bitwise CEO

15.06.2025
0

Bitcoin’s potential as a store-of-value asset now extends beyond the gold market, according to Bitwise CEO Hunter Horsley. Key Takeaways:...

Read moreDetails

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

15.06.2025
Trump’s Crypto Bet Pays Off: Over $600M Reported in 2024 Earnings

Trump’s Crypto Bet Pays Off: Over $600M Reported in 2024 Earnings

15.06.2025

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

15.06.2025

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

15.06.2025
Load More
Next Post
White Hats Team Up Against Cybercrime

White Hats Team Up Against Cybercrime

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

AI Tokens Explode as Whale Hundreds Up – Is $AI16Z on the Verge of a Parabolic Run?

AI Tokens Explode as Whale Hundreds Up – Is $AI16Z on the Verge of a Parabolic Run?

4 months ago
The Rise of Layer-3s: Creating Blockchain Apps of the Future

The Rise of Layer-3s: Creating Blockchain Apps of the Future

3 months ago
Toncoin Price Poised for Action as Binance Drops Key Announcement Amid Telegram Drama

Toncoin Price Poised for Action as Binance Drops Key Announcement Amid Telegram Drama

9 months ago
How to put words into a Bitcoin address? Here’s how vanity addresses work

How to put words into a Bitcoin address? Here’s how vanity addresses work

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

Seven Solana ETF Filings Hit SEC — But Is Approval Still a Long Shot?

Trending

Forget Just Gold, Bitcoin Is Coming for $30T Bond Market Too: Bitwise CEO
All news

Forget Just Gold, Bitcoin Is Coming for $30T Bond Market Too: Bitwise CEO

15.06.2025
0

Bitcoin’s potential as a store-of-value asset now extends beyond the gold market, according to Bitwise CEO Hunter...

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

15.06.2025
Trump’s Crypto Bet Pays Off: Over $600M Reported in 2024 Earnings

Trump’s Crypto Bet Pays Off: Over $600M Reported in 2024 Earnings

15.06.2025

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

15.06.2025

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

15.06.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz