🛡️ China Expands AML Laws to Include Virtual Assets
🇨🇳 China's Supreme Court has updated its anti-money laundering laws to recognize "virtual assets" like cryptocurrencies. This revision, the first major update since 2007, includes virtual transactions under money laundering offenses. Penalties for violators can reach up to $28,000 and jail terms of 5-10 years. This move reflects China’s growing regulatory oversight on digital assets, despite speculation about a potential crypto unban.
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