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China's Supreme Court has made waves by directly targeting virtual assets in a significant revision of its Anti-Money Laundering laws, reflecting the country's intensified focus on financial crimes.
China's Supreme Court Targets Virtual Assets
A new interpretation of China's Anti-Money Laundering (AML) rules has been put out by the country's highest court and public prosecutor, which now acknowledges "virtual asset" transactions.
Following its adoption on January 1, 2007, the country's anti-money-laundering legislation had its first major overhaul in nearly twenty years with the most recent revision.
A new interpretation of the law has included "virtual asset" transactions to the list of recognized methods of money laundering, according to a meeting held by the Supreme People's Court and the Supreme People's Procuratorate on August 19.
China Considers Decriminalizing Cryptocurrency
Many are doubtful, but there has been talk on X recently that the government may be planning to decriminalize cryptocurrency shortly.
The courts have ruled that online money transfers and conversions would be subject to new rules that forbid "covering up and concealing the source and nature of criminal proceeds and their benefits by other means."
Hefty Fines and Prison Time for AML Violations
According to Cointelegraph, the minimum penalty for breaking the law is 10,000 Chinese yuan ($1,400), whereas the maximum penalty for more serious breaches is 200,000 yuan ($28,000). Additionally, offenders may be subject to prison sentences ranging from five to ten years.
Better definitions of "serious circumstances" in money laundering instances, such as defiance of authorities or a sum exceeding 5 million yuan ($700,000), are among the other changes.
Compared to 2019, the number of individuals punished for money laundering increased twentyfold to 2,971 in 2023, according to the Supreme People's Procuratorate.
Crypto Community Buzzes Over Potential Unban
It follows rumors that certain high-ranking Chinese officials are considering lifting China's crypto ban.
Galaxy Digital CEO Mike Novogratz mentioned in an old post from July 14th that he had heard rumors that Bitcoin could be "likely to unban" in China before the end of 2024. The article has since been removed.
In a careless remark on X on August 19, Justin Sun—founder of Tron and crypto exchange HTX—added gasoline to the flames by wondering what the ideal meme would be to correspond with China's decision to unban crypto.
However, a number of authorities have also cast doubt on the plan.
Blockchain Leaders Doubt China’s Crypto Shift
The CEO of a prominent Chinese blockchain company, Yifan He, expressed his doubts about the prospect of Chinese residents freely trading Bitcoin using local fiat currency in July.
The co-founder of the algorithmic investing protocol Trading Strategy, Mikko Ohtamaa, concurred, stating that a shift in China's stance on cryptocurrency would go against the political goals of the government.
A prohibition on cryptocurrency exchanges was enacted in 2017, and a subsequent interdepartmental crackdown on the industry was launched in 2021.
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