China Introduces New Forex Rules To Tighten Crypto Oversight and Target Illegal Cross-Border Transactions
On Dec. 31, 2024, China’s foreign exchange regulator announced new rules aimed at tightening oversight of cryptocurrency activities. These rules require banks to monitor and report risky trades, including those involving digital assets like Bitcoin. The State Administration of Foreign Exchange (SAFE) stated that banks must identify high-risk transactions based on factors like the identity of individuals or institutions involved, their sources of funds, and the frequency of trades. The goal is to curb illegal financial activities such as underground banking, cross-border gambling, and other illicit crypto transactions.
As…
