Breaking news! China’s Supreme People’s Court and Supreme People’s Procuratorate clearly identify virtual asset transactions as criminal acts that may involve money laundering
🚫Breaking news! China’s Supreme People’s Court and Supreme People’s Procuratorate clearly identified virtual asset transactions as criminal acts that may involve money laundering
💥The Supreme People's Court and the Supreme People's Procuratorate of China issued a new judicial interpretation on August 19, 2024, which clearly identified virtual asset transactions as criminal acts that may involve money laundering. This interpretation is mainly aimed at the trend of emerging digital assets such as virtual currencies, game coins and live broadcast platforms becoming tools for money laundering in recent years.
According to the new judicial interpretation, repeated money laundering or acts involving amounts exceeding RMB 5 million will be considered "serious" crimes, punishable by up to 5 to 10 years in prison. In addition, those who refuse to cooperate with property recovery or cause losses exceeding RMB 2.5 million will also be considered serious money laundering crimes. This interpretation aims to maintain national financial order and social stability by strengthening laws and regulations.
