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 <p class="is-style-lead">Chinese authorities are significantly preparing to amend their anti-money laundering (AML) regulations.</p> 
 <p>According to regional media reports, Beijing is set to amend its anti-AML rules to include <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency-related transactions amid calls for greater scrutiny of the nascent <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> industry from the country’s policymakers. This will be the first <a rel="dofollow" title="significant" href="https://thebittimes.com/tag/significant.html">significant</a> overhaul of China’s AML rules in 17 <a rel="dofollow" title="years" href="https://thebittimes.com/tag/years.html">years</a> since they were introduced in 2007.</p> 
 <p>Prime Minister Li Qiang chaired the executive session of the State Council to discuss the revised AML law. The country’s first revised draft of anti-money laundering regulations was proposed in 2021, and the revised draft was included in the State Council’s legislative work plan in 2023 and will be signed into law by 2025.</p> 
 <div class="cn-block-related-link"> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> China’s central bank lists crypto-assets in financial stability report 
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 <p>In September 2021, the Chinese government also banned all <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency transactions, saying that using private digital assets disrupts the economic and financial order and is a breeding ground for criminal activities. At the same time, Chinese authorities have been working on the introduction of a digital yuan (e-CNY) for several <a rel="dofollow" title="years" href="https://thebittimes.com/tag/years.html">years</a>.</p> 
 <p>Despite the formal ban on the circulation of <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies and mining by the Chinese authorities, natives of the country are the main market niches. China remains the leading mining equipment manufacturer, and many large exchanges, including Binance and OKX, have Chinese roots. Before the ban on <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency trading in the country, trading volumes on yuan-denominated <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchanges outpaced&nbsp;dollar pairs.</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> China sentences former party official to life in prison for enabling crypto mining 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/china-to-introduce-significant-changes-to-crypto-aml-for-the-first-time-in-17-years-tbt78343.html">https://thebittimes.com/china-to-introduce-significant-changes-to-crypto-aml-for-the-first-time-in-17-years-tbt78343.html</a></p>

China to introduce significant changes to crypto AML for the first time in 17 years

TheBitTimes

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