China imposed a blanket ban on crypto use in 2021, but due to technological advancements and the decentralized nature of crypto, mainland users have found a way to access the crypto market.
China is set to make a major amendment to its Anti-Money Laundering (AML) regulations to include cryptocurrency-related transactions amid calls for greater scrutiny of the nascent crypto industry by policymakers in the country.
According to local media, Prime Minister Li Qiang chaired an executive meeting of the State Council on Jan. 22 to discuss the revised AML law. The first revised draft of the country’s AML regulations was proposed in 2021, with the revised draft included in the legislative work plan of the State Council in 2023 and will be signed into law by 2025.
This will be the first significant revision to China’s AML regulations since 2007.