- China is planning to amend its Anti-Money Laundering (AML) regulations to include cryptocurrency-related transactions.
- Prime Minister Li Qiang chaired a meeting of the State Council to discuss the revised AML Law.
- The first draft of the revised AML regulations was proposed in 2021, and the revised draft will be signed into law by 2025.
- This marks the first significant revision to China’s AML regulations in 17 years.
China to Amend Anti-Money Laundering Regulations to Include Cryptocurrency Transactions
China is set to make an important change to its Anti-Money Laundering (AML) regulations by including cryptocurrency-related transactions. Prime Minister Li Qiang convened a meeting of the State Council to discuss the revised AML Law, with the first draft being proposed in 2021. The revised draft is expected to be signed into law by 2025, marking the first significant revision to China’s AML regulations in 17 years.
This amendment to China’s AML regulations demonstrates the country’s growing recognition of the importance of regulating cryptocurrency-related activities. By including cryptocurrency transactions in the AML framework, China aims to address concerns related to money laundering and illicit activities in the crypto industry. This move may lead to a more structured and monitored crypto market in China, providing increased security and trust for both users and regulators.