Cryptocurrency

Impact

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/china-updates-legislation-to-combat-money-laundering-in-cryptocurrency/" data-wpel-link="internal" rel="noopener noreferrer nofollow">China Updates Legislation to Combat Money Laundering in Cryptocurrency</a><br></p>
<p style="text-align: justify">China is updating its legislation to combat money laundering related to <a href="https://en.coin-turk.com/key-crypto-tokens-unlock-this-week/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a>. The National Congress will introduce additional requirements to monitor new money laundering risks associated with technology in the second revision of the anti-money laundering law.</p>
<h2 id="innovations-in-the-bill">Innovations in the Bill</h2>
<p style="text-align: justify">The current revision redefines money laundering crimes by adding seven types of predicate offenses into the law. This regulation links illegal operations with complex criminal activities and organized crime.</p>
<h2 id="compliance-with-international-standards">Compliance with International Standards</h2>
<p style="text-align: justify">These changes aim to align China’s regulations with international standards and increase pressure on criminals using these tools for money laundering activities.</p>
<p style="text-align: justify">Wang Xiang, spokesperson for the Legislative Affairs Commission of the National People’s Congress, stated that technological advancements have made it more challenging to monitor money laundering activities. The rapid development of new technologies and business forms has heightened the difficulty in detecting and investigating money laundering.</p>
<p style="text-align: justify">The new revision will include provisions allowing the central bank to publish specific guidelines for other institutions and monitor these risks. This step aligns with the efforts of Chinese state institutions to address cryptocurrency money laundering risks.</p>
<h2 id="impact-of-regulations">Impact of Regulations</h2>
<p style="text-align: justify">China opposes the use of cryptocurrency as a legal payment method and bans its circulation in national markets. These new regulations are seen as a significant step in preventing the use of <a href="https://en.coin-turk.com/bitcoins-resilience-price-holds-strong-as-market-fluctuates/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrencies</a> in illegal activities.</p>
<p style="text-align: justify">In conclusion, China’s new legislation aimed at combating money laundering responds to the challenges posed by technological advancements and seeks to ensure compliance with international standards. These measures have the potential to enhance the regulation of cryptocurrency usage and improve the effectiveness of crime prevention.</p>
<p>The post <a href="https://en.coin-turk.com/china-updates-legislation-to-combat-money-laundering-in-cryptocurrency/" data-wpel-link="internal" rel="noopener noreferrer nofollow">China Updates Legislation to Combat Money Laundering in Cryptocurrency</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

China Updates Legislation to Combat Money Laundering in Cryptocurrency

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