China’s new rules force banks to flag transactions with crypto: report
China’s new rules require banks to flag risky transactions, including those involving crypto, making it harder for mainland investors to trade digital assets.
China‘s foreign exchange regulator, the State Administration of Foreign Exchange, has rolled out new rules requiring banks to keep a closer eye on transactions involving digital assets, the South China Morning Post has learned, citing the regulator’s announcement.
The rules, applicable to local banks in mainland China, focus on identifying “risky foreign exchange trading behaviors,” the report reads. These include underground banking, cross-border transactions involving crypto, and illegal financial activities.
Banks now have to track…
