China tightens grip on crypto with new foreign exchange rules
China has rolled out new regulations to identify and control risky foreign exchange activities, including those involving cryptocurrencies, the South China Morning Post reported.
According to the report, China’s State Administration of Foreign Exchange recently directed banks to monitor and report suspicious transactions tied to cross-border gambling, underground financial networks, and unauthorized crypto dealings.
The new rules require banks to track the identity of individuals and entities involved, their sources of funds, and trading patterns.
Legal experts see these measures as a further clampdown on crypto trading within the country. Liu Zhengyao, a lawyer at the ZhiHeng law firm, reportedly remarked that these rules deepen…
