1. Changes in China's Anti-Money Laundering Law
2. Debates on Lifting Crypto Ban in China
3. Qingdao Police Crack Down on USDT Money Laundering Network

China's Supreme Court and the People's Prosecutor have revised the AML law to include virtual asset transactions for the first time.

Changes in China's Anti-Money Laundering Law

The Supreme Court and the People's Prosecutor have updated the AML law to recognize virtual asset transactions as a method of money laundering. The new regulation covers the transfer and conversion of criminal proceeds through digital transactions, imposing fines from 10,000 to 200,000 yuan and prison terms between five and ten years.

Debates on Lifting Crypto Ban in China

Amid rumors that China may lift its crypto ban, some experts remain skeptical. Galaxy Digital CEO Mike Novogratz suggested that the ban on Bitcoin might be lifted by late 2024. However, other experts, like Mikko Ohtamaa, argue that such a move would contradict China's political agenda.

Qingdao Police Crack Down on USDT Money Laundering Network

Qingdao police are investigating a network that used the stablecoin Tether (USDT) to launder over 8 million yuan. The main participants used business licenses and documents to open public accounts, transferring money back to criminals for a commission.

The inclusion of virtual assets in China's AML legislation highlights the government's efforts to combat financial crimes and underscores the importance of digital assets in the global economy.