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China Tightens Crypto Oversight with New Foreign Exchange Rules
China Tightens Crypto Oversight with New Foreign Exchange Rules
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China has introduced stricter regulations to curb cryptocurrency-related activities. The State Administration of Foreign Exchange (SAFE) announced that banks must monitor and flag risky trades involving digital assets. The new rules aim to target underground banking, cross-border gambling, and illegal financial activities involving cryptocurrencies. Banks across mainland China need to identify high-risk transactions by examining identities, sources of funds, and trading frequency. Robust risk-control measures must be implemented and services limited to entities suspected of engaging in such activities.
