China Cracks Down On Crypto By Tightening Forex Rules
In a significant escalation of its anti-cryptocurrency policies, China’s foreign exchange regulator has unveiled a series of stringent measures designed to enhance the oversight of digital asset transactions.
The State Administration of Foreign Exchange (SAFE) has mandated that banks and financial institutions closely monitor cryptocurrency-related activities and report any transactions that are deemed high-risk.
This policy reinforces China’s firm and long-standing opposition to digital currencies like Bitcoin, which the government views as a potential threat to financial stability and a conduit for illegal financial flows.
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