Cryptocurrency Warning from Chinese Scientists! “The Most Important, Most Urgent and Most Necessary Issue”

Chinese academics, with cryptocurrencies He explained that there is an urgent need to address relevant money laundering issues at the legal level.

The revised draft of China’s Anti-Money Laundering Law, which is expected to be adopted in 2025, is set to address this issue.

“The most important, most urgent and most necessary issue that needs to be resolved at the legal level is the issue of money laundering involving virtual assets,” said Professor Wang

Another academic, Yan Lixin, pointed out that the use of cryptocurrencies and virtual assets for money laundering is increasingly becoming a mainstream trend. However, there is no clear definition of what virtual assets mean and their scope in Chinese law.

Wang Xin on China’s attitude towards virtual currencies of Bitcoin He believes that its legal status in the country can be understood from its ban. To prevent digital financial risks, China prohibits providing or receiving services for virtual currencies.

The revised draft of the Anti-Money Laundering Law already covers dealing with new money laundering risks by requiring financial institutions to assess money laundering risks and take risk management measures before adopting new technologies and introducing new products.

*This is not investment advice.