Through a modification to the anti-money laundering laws in China, the Supreme Court adjusted the interpretation of said legal instruments to include cryptocurrencies.

The measure comes in response to the increase in legal cases due to the multiplication of citizens prosecuted for money laundering since 2019 and involving cryptocurrencies.

“China’s Supreme Court and public prosecutor have revised their interpretation of the country’s anti-money laundering (AML) laws, recognizing “virtual asset” transactions for the first time.

Through a conference held this Monday, August 19, the Supreme People’s Court and the Supreme People’s Prosecutor’s Office indicated that through the new interpretation of the law, transactions with virtual assets “are included as one of the methods of money laundering.”

The laws prohibit “concealing and concealing the origin and nature of criminal proceeds and their benefits by other means.”

In the event that the regulations are not complied with, fines ranging from US$1,400 (10,000 Chinese yuan) to US$28,000 (200,000 Chinese yuan) would be applied for the most serious crimes. Prison sentences of five and ten years are also provided.

There are amendments related to cases of refusal to cooperate with the authorities or when the sum of money being laundered exceeds US$700,000 (5 million Chinese yuan).

M.Pino

Source: cointelegraph

(Reference image source: rc.xyz NFT gallery in Unsplash)

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