CryptoMediaClub
Saturday, July 19, 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China is set to revise its outdated Anti-Money-Laundering (AML) law in a bid to tackle the increasing risks associated with virtual assets.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

Crypto Price Prediction Today 18 July – XRP, Ethereum, Solana
All news

Crypto Price Prediction Today 18 July – XRP, Ethereum, Solana

19.07.2025
0

Bitcoin ($BTC), the unrivalled frontrunner in the crypto sector, is now trading a mere 2.8% below its record price peak...

Read moreDetails
Ex-Pump.fun Dev Behind $2M Theft Jailed in London for Bail Breach, Faces 7+ Years Prison

Ex-Pump.fun Dev Behind $2M Theft Jailed in London for Bail Breach, Faces 7+ Years Prison

18.07.2025
GENIUS Act Clears Congress as Meme Coins Hit $82B – Snorter Says It’s Sniping Season, ICO Passes $2M

GENIUS Act Clears Congress as Meme Coins Hit $82B – Snorter Says It’s Sniping Season, ICO Passes $2M

18.07.2025
The Nordics First Major Bitcoin Conference BTCHEL Slated for August 2025

The Nordics First Major Bitcoin Conference BTCHEL Slated for August 2025

18.07.2025
XRP, BTC Holders Turn to APT Miner for Stable Investing

XRP, BTC Holders Turn to APT Miner for Stable Investing

18.07.2025
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

Friend.tech Token Plummets Over 20% Amid Co-Founder’s Base Departure Hint

Friend.tech Token Plummets Over 20% Amid Co-Founder’s Base Departure Hint

1 year ago
Citibank Completes India’s First $3M Blockchain-enabled Letter of Credit

Citibank Completes India’s First $3M Blockchain-enabled Letter of Credit

2 years ago
Nasdaq Drops Crypto Custody Plans Amid Regulatory Uncertainty

Nasdaq Drops Crypto Custody Plans Amid Regulatory Uncertainty

2 years ago
Presale Ends: BTC Bull Token Opens Final 7 Days to Buy at Listing Price

Presale Ends: BTC Bull Token Opens Final 7 Days to Buy at Listing Price

3 weeks ago

Categories

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

Highlights

GENIUS Act Clears Congress as Meme Coins Hit $82B – Snorter Says It’s Sniping Season, ICO Passes $2M

The Nordics First Major Bitcoin Conference BTCHEL Slated for August 2025

XRP, BTC Holders Turn to APT Miner for Stable Investing

Thailand Launches National Crypto Sandbox for Tourists

Pepe Price Prediction: Is PEPE Going To Follow XRP And Hit a New ATH In July 2025?

More Than Third of Users Already Use Crypto for Everyday Payments

Trending

Ethereum attracts record ETF inflows and 39% fee drop in Q2, supporting stronger outlook for Q3
Analysis

Ethereum attracts record ETF inflows and 39% fee drop in Q2, supporting stronger outlook for Q3

19.07.2025
0

Ethereum (ETH) registered significant improvements in the second quarter, including increased inflows of exchange-traded funds (ETFs), layer-2...

Crypto Price Prediction Today 18 July – XRP, Ethereum, Solana

Crypto Price Prediction Today 18 July – XRP, Ethereum, Solana

19.07.2025
Ex-Pump.fun Dev Behind $2M Theft Jailed in London for Bail Breach, Faces 7+ Years Prison

Ex-Pump.fun Dev Behind $2M Theft Jailed in London for Bail Breach, Faces 7+ Years Prison

18.07.2025
GENIUS Act Clears Congress as Meme Coins Hit $82B – Snorter Says It’s Sniping Season, ICO Passes $2M

GENIUS Act Clears Congress as Meme Coins Hit $82B – Snorter Says It’s Sniping Season, ICO Passes $2M

18.07.2025
The Nordics First Major Bitcoin Conference BTCHEL Slated for August 2025

The Nordics First Major Bitcoin Conference BTCHEL Slated for August 2025

18.07.2025
  • 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