CDS Crypto News The Chinese Legal System Tightens Control Over Virtual Asset Transactions
Crypto News

The Chinese Legal System Tightens Control Over Virtual Asset Transactions

66
The Chinese Legal System Tightens Control Over Virtual Asset Transactions

The Chinese Legal System Labels Virtual Asset Transactions as Criminal Activity in New Ruling

The Chinese Legal System Labels Virtual Asset Transactions as Criminal Activity in New Ruling

For the first time ever, Chinese authorities openly acknowledged virtual asset transactions as a means of money laundering on Monday. This is a significant step toward the asset class. The updates were jointly revealed at a news conference by the highest courts in the nation, the Supreme People’s Procuratorate and the Supreme People’s Court.

As part of larger initiatives to strengthen anti-money laundering regulations, the measures—which are anticipated to go into effect on Tuesday—target the use of cryptocurrency in illegal financial transactions in particular. The new legal interpretation categorizes transactions involving virtual assets as acts that cover up and conceal the source and nature of the proceeds of crime, including those carried out through cryptocurrency exchanges.

China’s Ongoing Crypto Crackdown: New Rules Target Major Money Laundering

The step follows the nation’s prohibitions on initial coin offerings (ICOs) in 2017 and cryptocurrency transactions in 2021, highlighting China’s erratic stance on the subject. During a campaign stop on Monday in York, Pennsylvania, at Precision Components Group, former President Donald Trump emphasized how crucial it is for the United States to stay ahead of China in terms of technical breakthroughs.

  • Legally speaking, Chinese authorities will now see serious offenses such as any amount of money laundering exceeding 5 million yuan ($685,000) or creating losses above 2.5 million yuan ($343,000).
  • Large-scale money laundering operations are subject to more stringent legal scrutiny and heavier penalties as a result of the thresholds.
  • In the event of a conviction and a fixed-term prison sentence of up to five years or criminal detention, the offender would be subject to a fine of at least 10,000 yuan ($1,370).

For more up-to-date crypto news, you can follow Crypto Data Space.

The Chinese Legal System Tightens Control Over Virtual Asset Transactions
Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

Bitcoin Price Volatility Expected After U.S. Election: What Analysts Predict for BTC

Bitcoin's price volatility is expected to increase following the U.S. presidential election,...

Bitcoin Options Market Turns Cautious: Higher Demand for Puts Than Calls Before Election

Bitcoin Options Market Turns Cautious: Higher Demand for Puts Than Calls Before...

What is Fenerbahçe Token? Meaning and Advantages for Fans

Fenerbahçe Token is a digital asset launched by the Fenerbahçe Sports Club,...

Polkadot News – Polkadot vs. CYBRO: Which Crypto Will Lead the Market in 2024?

CYBRO, with its AI-powered DeFi solutions and 1200% growth potential, is positioning...