China’s State Administration of Foreign Exchange has implemented stricter regulations requiring banks to monitor and report crypto transactions to prevent illicit activities, including cross-border gambling and unauthorized financial dealings. These rules aim to reinforce capital controls and penalize risky crypto trading, making it harder for individuals to bypass regulations. Despite the ban on cryptocurrencies, China reportedly holds around 194,000 BTC, valued at approximately $18 billion, acquired through asset seizures.
about China Enforces Stricter Bank Regulations on Cryptocurrency TransactionsLiu Zhengyao
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China has implemented stricter regulations requiring banks to monitor and report risky cryptocurrency transactions to combat illegal cross-border financial activities. The new rules mandate tracking identities, fund sources, and trading frequency, complicating Bitcoin trading for Chinese investors. Despite a long-standing anti-crypto stance, a recent court ruling recognized cryptoassets as property under certain conditions, while calls for a more progressive regulatory approach continue to emerge.
about China enforces stricter regulations on banks for monitoring crypto transactions