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🇨🇳 China has recognized cryptocurrency transactions as a form of money laundering

The Supreme People's Court and the Prosecutor's Office of China have incorporated the concept of virtual asset transactions into the anti-money laundering law. This marks the first significant amendment to the law, which has been in effect since 2007.

❌ Now, the transfer and conversion of digital assets obtained illegally fall under the scope of this law. Such operations will be considered as "concealing the source and nature of criminally obtained proceeds."

Violators may face fines of up to 200,000 yuan ($28,000) or prison terms of five to ten years in aggravated circumstances.