Cryptocurrency

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/china-classifies-cryptocurrency-use-for-hiding-illegal-funds-as-money-laundering/" data-wpel-link="internal">China Classifies Cryptocurrency Use for Hiding Illegal Funds as Money Laundering</a> 
China‘s top judicial authorities have classified the use of cryptocurrencies to hide illegal funds as a method of money laundering. This latest step regarding cryptocurrencies in China aims to facilitate the investigation and prosecution of money laundering cases linked to cryptocurrencies. 
<h2 style="text-align: justify" id="strong-what-does-china-s-new-judicial-interpretation-on-cryptocurrencies-really-mean-strong">What Does China’s New Judicial Interpretation on Cryptocurrencies Really Mean?</h2> 
The judicial interpretation was published on Monday by China’s Supreme People’s Court and Supreme People’s Procuratorate. The interpretation stated that cryptocurrency trading is considered a method of money laundering. It specifically noted that using cryptocurrency transactions or financial asset exchanges to transfer or convert proceeds from crime could be recognized as the act of “concealing or disguising the source and nature of criminal proceeds” as defined in the country’s criminal law. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-381835" src="https://coin-turk.com/wp-content/uploads/2024/08/Cin-Kripto-Para.png" alt="" width="2638" height="1594"> 
However, this new judicial interpretation in China does not mean that cryptocurrency trading will automatically be considered a money laundering crime. Liu Honglin, founder of the Shanghai-based law firm Man Kun, stated on social media, “This judicial interpretation does not criminalize individuals holding or trading cryptocurrencies on the Chinese mainland.” Liu emphasized that the main purpose of this interpretation is to provide clearer legal grounds for law enforcement in criminal cases targeting specific illegal activities. 
On the other hand, Shao Shiwei, a Shanghai-based fintech lawyer, noted that the new judicial interpretation could make it more difficult for stablecoin traders. According to Shiwei, individuals receiving illegal funds through cryptocurrency trading may face greater legal repercussions. 
<h2 style="text-align: justify" id="strong-china-s-strict-regulations-on-cryptocurrency-trading-strong">China’s Strict Regulations on Cryptocurrency Trading</h2> 
It is worth remembering that China banned all cryptocurrency trading activities in a notice published in September 2021. The ban also classified services offered by overseas <a href="https://en.coin-turk.com/india-pressures-tech-giants-to-remove-crypto-exchange-apps-amid-regulatory-disputes/" data-wpel-link="internal">cryptocurrency exchanges</a> to residents of the Chinese mainland as illegal financial activities, but many <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> found ways to circumvent these rules and continued trading. 
Over the years, China has implemented strict capital control policies, and some individuals have used cryptocurrencies to bypass these policies. In May, Chinese police dismantled an underground bank that had conducted foreign currency exchange transactions worth at least 13.8 billion yuan (1.9 billion dollars) using stablecoins pegged to the US dollar. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/china-classifies-cryptocurrency-use-for-hiding-illegal-funds-as-money-laundering/" data-wpel-link="internal">China Classifies Cryptocurrency Use for Hiding Illegal Funds as Money Laundering</a></h5>
The post <a href="https://en.coin-turk.com/china-classifies-cryptocurrency-use-for-hiding-illegal-funds-as-money-laundering/" data-wpel-link="internal">China Classifies Cryptocurrency Use for Hiding Illegal Funds as Money Laundering</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

China Classifies Cryptocurrency Use for Hiding Illegal Funds as Money Laundering

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