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Chinese authorities are significantly preparing to amend their anti-money laundering (AML) regulations. According to regional media reports, Beijing is set to amend its anti-AML rules to include crypto currency-related transactions amid calls for greater scrutiny of the nascent crypto industry from the country’s policymakers. This will be the first significant overhaul of China’s AML rules in 17 years since they were introduced in 2007. Prime Minister Li Qiang chaired the executive session of the State Council to discuss the revised AML law. The country’s first revised draft of anti-money laundering regulations was proposed in 2021, and the revised draft was included in the State Council’s legislative work plan in 2023 and will be signed into law by 2025. You might also like: China’s central bank lists crypto-assets in financial stability report In September 2021, the Chinese government also banned all crypto currency transactions, saying that usi...

The world's leading crypto exchange by trading volume has reportedly applied to register in Taiwan under the new AML compliance. The world's leading crypto exchange by trading volume, Binance, has reportedly applied to get registered under the money laundering control act introduced by the Financial Supervisory Commission (FSC) of Taiwan. FSC reportedly informed dozens of domestic crypto service providers that Binance is applying to get registered for anti-money laundering (AML) compliance , according to a report published in local media. The report cited Chen Peiyun, the co-founder of Taiwan’s currency exchange BitShine,  as the source of the information who revealed that the FSC named Binance as one of the exchange prospects that is planning to enter Taiwanese crypto market via AML compliance . Binance has not yet responded to Cointelegraph's request for comment. While the cryptocurrency industry is largely unregulated in Taiwan, the FSC introduced AML guidelines in July...