Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
China’s Supreme Court labels virtual assets as money laundering tools

China’s Supreme Court labels virtual assets as money laundering tools

GrafaGrafa2024/08/22 02:20
By:Liezl Gambe

The Supreme People’s Court of China, in conjunction with the Supreme People’s Procuratorate, has officially classified virtual asset transactions as a potential means for money laundering in a newly issued legal interpretation.

This joint document, titled “Interpretation on Several Issues Concerning the Application of Law in Handling Criminal Cases of Money Laundering,” aims to clarify and update the application of China’s money laundering laws.

The interpretation lists virtual assets as one of the methods criminals might use to launder money, specifically through the transfer or conversion of criminal proceeds via virtual asset transactions or financial asset exchanges.

This update is intended to help lower courts more accurately identify and prosecute money laundering activities that involve digital currencies and virtual assets.

The inclusion of virtual assets in the legal framework reflects China’s ongoing efforts to strengthen its financial regulations amid the growing use of digital currencies and Blockchain technology.

Article 191 of China’s Criminal Law, which addresses money laundering, has been expanded to include the use of virtual assets as a method to conceal or obscure the origin and nature of illicit funds.

The interpretation came into effect on August 20, 2024, marking a significant step in China’s regulatory approach to combating financial crimes involving cryptocurrencies and other virtual assets.

The decision to include virtual assets as a money laundering tool follows a significant rise in money laundering prosecutions in China, with a reported 20-fold increase in convictions from 2019 to 2023.

In the first half of 2024 alone, 1,391 individuals were prosecuted for money laundering, reflecting a 28.4% increase from the previous year.

This legal update underscores China’s commitment to tightening financial regulations and cracking down on illegal activities that exploit the anonymity and decentralisation of virtual assets.

The move may have broad implications for the use and regulation of cryptocurrencies in China, where the government has already imposed stringent restrictions on crypto-related activities.

As China continues to enforce and expand its anti-money laundering laws, this latest interpretation could serve as a model for other countries grappling with the regulation of virtual assets in the fight against financial crime.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!