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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...

Emphasizing progress and challenges, the crypto review 2023 details crypto’s successes, failures, and notable legal and regulatory hurdles. The crypto market review 2023 reflects a transformative phase for crypto, with Bitcoin (BTC) experiencing over a 100% increase year-to-date (YTD) amid global economic challenges. This year, the number of crypto users swelled to around 575 million. Innovations weren’t scarce either, particularly in domains like stablecoins and blockchain-based social media.  While traditional stablecoins like USDT and USDC continued to dominate, platforms like friend.tech led the surge in socialfi, marking a new chapter in digital interaction. Although the crypto industry overview shows a dip in fundraising, down to $7.96 billion, it also reveals a sustained interest in derivatives trading over spot trading.  Security remained a critical focus, with a decrease in the total losses from hacks compared to previous years, yet it’s still a sign...