Farcaster

China has once again focused its attention on cryptocurrency due to the growing scale of shadow capital flows. Law enforcement agencies have observed an increase in the use of cryptocurrencies for money laundering. In response, the Supreme Court and the Prosecutor General's Office of China will amend the anti-money laundering law to include provisions for punishing the use of virtual currencies for these purposes. The new regulations will come into effect in August, with particularly severe penalties for transactions exceeding 5 million yuan. In the first half of 2024, the number of such court cases increased by 28.4%. The Ministry of Public Security and the National Supervisory Commission will receive expanded oversight powers.