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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/china-prepares-major-update-to-anti-money-laundering-regulations-involving-cryptocurrencies/" data-wpel-link="internal">China Prepares Major Update to Anti-Money Laundering Regulations Involving Cryptocurrencies</a><br></p>
<p class="p1" style="text-align: justify">China is preparing for a major change in its Anti-Money Laundering (AML) regulations to include transactions involving cryptocurrency assets amid calls for increased scrutiny of the newly emerging crypto industry by the country’s regulatory bodies. According to local media reports, Prime Minister Li Qiang chaired an executive meeting of the State Council on January 22 to discuss the revised AML law.</p> 
<h2 class="p1" style="text-align: justify" id="a-noteworthy-step-in-china">A Noteworthy Step in China</h2> 
<p class="p1" style="text-align: justify">The first draft of China’s revised AML regulations was introduced in 2021 and was included in the State Council’s legislative work plan for 2023, with legal enforcement expected by 2025. This step will be the first major revision to China’s AML regulations since 2007.</p> 
<p class="p1" style="text-align: justify">Leading academics and <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">financial</a> experts involved in discussions on the revised draft of the AML regulations stated that the AML law covers a relatively broad scope, which makes the draft comprehensive and challenging.</p> 
<p class="p1" style="text-align: justify">Wang Xin, a professor at Peking University Law School, participating in the discussion, emphasized that solving the problems related to cryptocurrency money laundering at the legal level is an urgent need. Xin added that the use of cryptocurrency assets for money laundering has become increasingly mainstream and that current Chinese laws lack a clear definition of crypto assets.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-262308 size-full" src="https://coin-turk.com/wp-content/uploads/2023/10/Cin-Hukumeti-Dijital-Varlik-Politikalarinda-Degisiklige-mi-Gidiyor.png" alt="" width="1313" height="825"></p> 
<h2 class="p1" style="text-align: justify" id="china-and-the-crypto-sector">China and the Crypto Sector</h2> 
<p class="p1" style="text-align: justify">The professor noted that although the revised draft includes measures to prevent money laundering with crypto assets, there is a lack of operational guidance on the seizure, freezing, forfeiture, and confiscation of assets derived from money laundering crimes, leading to a disconnect. The authority added that improvements are still needed to combat money laundering associated with crypto assets.</p> 
<p class="p1" style="text-align: justify">In 2021, China imposed a general ban on the use of cryptocurrencies, prohibiting offshore exchanges from providing services and banning all types of mining. However, due to technological advancements and the decentralized nature of cryptocurrencies, mainland users have found ways to access the crypto market, leading to increased risks of money laundering. The new amended regulations aim to introduce stricter rules to prevent such activities.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/china-prepares-major-update-to-anti-money-laundering-regulations-involving-cryptocurrencies/" data-wpel-link="internal">China Prepares Major Update to Anti-Money Laundering Regulations Involving Cryptocurrencies</a></h5>

China Prepares Major Update to Anti-Money Laundering Regulations Involving Cryptocurrencies

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