BEIJING, China—China said it is revising its anti-money laundering laws to include stringent measures against cryptocurrency-related transactions.
While AML is being cited as the reason, some analysts say the new rules have more to do with expanded powers by the government to track all spending activity by the country’s citizens.
China said the new law is to plug “legal gaps,” according to Bitcoin.com. The initial draft for the revision was first proposed in June 2021 and later included in the 2023 legislative work plan of the State Council. The final law is expected to be enacted by 2025, Bitcoin.com said.
The Bitcoin.com report quoted the government’s statement that the comprehensive amendment is a response to the evolving nature of financial crimes, especially with the advent of virtual currencies.
Wang Xin, a professor at Peking University Law School and an expert in the discussion of the Amendment Draft, emphasized the pressing need to address the legal challenges posed by cryptocurrency in money laundering, according to Bitcoin.com.
He noted that while the revised draft targets digital asset money laundering, there is an apparent “disconnect due to the absence of detailed operational guidance on issues such as seizure and freezing of assets linked to these crimes,” Bitcoin.com said.
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