China Tightens Crypto Rules with New Forex Policies
China has imposed new forex regulations that will force banks to closely monitor and report transactions involving crypto assets, further escalating the country’s years-long crackdown on cryptocurrency activities. The measures are intended to rein in illegal cross-border financial activities such as underground banking, cross-border gambling, and crypto trading.
In accordance with the 31 December report from the South China Morning Post, the new rules put additional pressure on Chinese banks to trace and declare possible risky forex trading by indicating specific participants in persons and organizations and the source of funds; and to monitor the frequency of trades.
