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Philip
@philipstrade
China tightens crypto trade oversight with new forex rules The Chinese foreign exchange regulator introduced foreign exchange rules requiring the country’s banks to monitor and flag risky trades involving crypto assets. On Dec. 31, the South China Morning Post reported that mainland China’s new rules will make it more difficult for residents to buy digital assets. Under the rules, banks must monitor and report risky forex trading activities. This includes cross-border gambling, underground banks and illegal cross-border financial activities involving crypto assets. Chinese regulators also require banks to track the activities based on the identity of individuals and institutions involved, their sources of funds and the frequency of their trades. https://cointelegraph.com/news/china-banks-crypto-transaction-scrutiny
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