China tightens rules on banks to monitor crypto transactions
China enforces stricter rules requiring banks to monitor and report risky crypto transactions, aiming to curb illegal cross-border financial activities.
China has introduced new regulations requiring banks to monitor and report risky foreign exchange and cryptocurrency transactions, aiming to curb illegal cross-border financial activities. The State Administration of Foreign Exchange (SAFE) recently issued a notice instructing banks to track transactions involving underground banking, cross-border gambling, and illegal crypto-related activities.
These rules mandate banks to monitor the identities of individuals and institutions, track the sources of funds, and observe trading frequency. The increased scrutiny is…
