CHINA UPDATES AML LAWS TO INCLUDE "VIRTUAL ASSETS" AMID CRYPTO UNBAN RUMORS

- China's Supreme Court and the public prosecutor have updated their interpretation of the country’s Anti-Money Laundering (AML) laws, now officially recognizing "virtual asset" transactions.

- With this update, the AML law, which has been in effect since January 1, 2007, undergoes its first major revision in nearly two decades.

Key Points:

- Recent rumors suggest China might lift its crypto ban. Tron founder Justin Sun’s tweet on August 18, asking about the best meme for a crypto unban, fueled speculation. However, this claim lacks official confirmation.

- Similar speculations have arisen before. Mike Novogratz, CEO of Galaxy Digital, hinted at a possible Bitcoin ban lift by late 2024 but later retracted his tweet, citing the need for more clarity.

- In 2021, China imposed a stringent ban on cryptocurrencies, significantly affecting Bitcoin’s value and leading to a mass exodus of miners.

- The ban was aimed at curbing financial crime and protecting the financial system.