China’s New Forex Rules Make Crypto Trading Even Harder—Details
China has introduced new foreign exchange (forex) regulations, requiring banks to increase scrutiny over cryptocurrency-related financial activities.
This move is part of Beijing’s ongoing efforts to clamp down on illegal financial activities linked to digital assets, including underground banking, cross-border gambling, and unauthorized financial transactions.
New Monitoring Measures by Chinese Banks
The State Administration of Foreign Exchange (SAFE) announced the updated rules last week, emphasizing the need for banks to report “risky foreign exchange trading behaviors” as well as closely monitor financial flows associated with digital currency transactions.
Notably, financial institutions are now obligated to observe…
