The Supreme People's Procuratorate of China emphasizes the enforcement of the revised anti-money laundering law, with particular attention to virtual currency and financial crimes, to safeguard national security. Ying Yong pointed out the importance of combating money laundering involving digital currencies and called for cooperation among institutions to effectively implement the law. The new anti-money laundering law will take effect in January 2025, expanding the scope of money laundering crimes to include cryptocurrency transactions. Ying Yong stressed that the responsibility for anti-money laundering is a shared responsibility both internationally and domestically and reiterated the importance of the rule of law. The court recently ruled that wages cannot be paid in cryptocurrency, emphasizing the necessity of paying wages in legal tender. This case involved a labor dispute over unpaid wages in USDT, with the court finding insufficient evidence to support the claim of engineer Zhou. Overall, China is strengthening anti-money laundering regulation, emphasizing the principles of the rule of law, and restricting the use of cryptocurrency in wage payments.
