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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/china-enhances-anti-money-laundering-framework-to-address-cryptocurrency-challenges" rel="noopener noreferrer nofollow">China Enhances Anti-Money Laundering Framework to Address Cryptocurrency Challenges</a><br></p>
<p style="text-align: justify">China is set to update its Anti-Money Laundering (AML) laws to encompass cryptocurrency transactions, responding to the regulatory bodies’ demands for more stringent oversight of the burgeoning crypto sector. A State Council executive meeting, led by Prime Minister Li Qiang on January 22, focused on discussing these AML law revisions.</p>
<h2 id="comprehensive-legal-revisions">Comprehensive Legal Revisions</h2>
<p style="text-align: justify">The initial draft of the revised AML regulations was presented in 2021 and is slated for inclusion in the legislative agenda for 2023, with full enforcement anticipated by 2025. This marks the first significant overhaul of China’s AML laws since 2007, reflecting the country’s commitment to adapting its legal framework to modern financial challenges.</p>
<p style="text-align: justify">Experts and academics involved in the AML discussions have noted the broad scope of the law, highlighting the complexity and thoroughness of the draft. Peking University Law School’s Professor Wang Xin stressed the urgency of addressing cryptocurrency-related money laundering legally, pointing out the absence of a clear definition for crypto assets in current Chinese legislation.</p>
<p style="text-align: justify">Despite the draft’s inclusion of anti-money laundering measures for crypto assets, there is a noted lack of detailed operational guidelines for the management of assets involved in such crimes. This gap indicates a need for further refinement to effectively combat crypto-related money laundering.</p>
<p style="text-align: justify">In the wake of a comprehensive ban on cryptocurrencies in 2021, which prohibited offshore exchange services and all <a href="https://en.bitcoinhaber.net/indonesia-cracks-down-on-bitcoin-mining-operations-for-electricity-theft" rel="noopener noreferrer nofollow">mining</a> activities, Chinese users have continued to access the crypto market through alternative means. The upcoming amendments to the AML regulations aim to introduce more rigorous rules to mitigate the heightened risks of money laundering in the digital asset space.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/china-enhances-anti-money-laundering-framework-to-address-cryptocurrency-challenges" rel="noopener noreferrer nofollow">China Enhances Anti-Money Laundering Framework to Address Cryptocurrency Challenges</a></h5>

China Enhances Anti-Money Laundering Framework to Address Cryptocurrency Challenges

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