China’s foreign exchange regulator has reportedly issued new rules requiring banks to monitor and report illegal financial activities involving cryptocurrency assets. The rules reportedly require banks to track suspicious transactions based on the identities of individuals and institutions involved, the sources of funds, and the frequency of transactions. “Under the new rules, converting yuan into foreign exchange to buy cryptocurrencies will be considered an overseas transaction and could be subject to punishment. It will also make it harder to skirt foreign exchange controls using cryptocurrencies,” the publication notes.