China Strengthens Crypto Regulations to Combat Money Laundering
Enhanced Legal Framework
China’s Supreme People’s Court and Procuratorate have introduced stringent measures targeting the use of cryptocurrencies in money laundering, effective August 20, 2024. The new legal interpretation categorizes virtual asset transactions as a method of concealing criminal proceeds, addressing previous gaps in the law.
Sharp Increase in Prosecutions
Money laundering cases in China have surged dramatically, with prosecutions increasing 20-fold since 2019. In the first half of 2024 alone, cases rose by 28.4%, underscoring the government’s aggressive stance on financial crime.
Significant Asset Movements
Amid this crackdown, Chinese authorities have transferred $2 billion in Ethereum associated with the notorious Plus Token Ponzi scheme. The movement of these assets, previously seized, indicates a possible liquidation by the government as part of its broader anti-money laundering efforts.
I will appreciate all of you to vote for the binance creator awards. Please open my profile and click on the vote button right below my bio. It will only take about 10-15 seconds to vote. This will help me to continue writing. Thanks.
Follow for more updates, analysis, trends and predictions about the market. Like and Share.
#MarketDownturn #BinanceTurns7 #Write2Earn! #BTC☀ #CryptoMarketMoves
