China’s foreign exchange regulator has imposed stricter controls on cryptocurrency-related activities, requiring banks to monitor and report high-risk trades. The State Administration of Foreign Exchange (SAFE) mandates that banks track foreign exchange behaviors linked to underground banking, cross-border gambling, and illegal crypto transactions. These measures compel banks to assess the identity, funds, and frequency of transactions, reinforcing Beijing’s aggressive stance on digital assets. The regulations aim to tighten control over crypto trades involving the yuan and foreign currencies, minimizing avenues for bypassing forex laws. Legal experts predict this will further restrict crypto-related activities, as the rules create additional legal grounds for penalizing offenders. Despite global calls to ease restrictions, China maintains a hardline approach, bolstered by past bans on mining and exchanges.
China Enforces Stricter Crypto Monitoring to Curb Illegal Transactions
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