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China Unleashes Final Blow on Crypto – New Law Will Turn Your Bitcoin Into Rubles and Shatter Dreams of Getting Wealthy Overnight!

A  illustration depicting China's regulatory grip on crypto, with Bitcoin coins being sucked into a giant money laundering vacuum cleaner. The background is filled with swirling dollar signs and yuan notes as Chinese authorities in business suits stand watchfully over the scene.

Just when you thought China was done with crypto, they’re back at it again. This time, they’re tackling those pesky money laundering activities that seem to plague every aspect of this ‘revolutionary’ technology. I mean, who needs actual laws and regulations when you have a bunch of numbers on a computer, right? The Chinese Congress is revising their legislation to include new provisions targeting tech-based money laundering crimes, including seven types of predicate offenses because apparently, they’re not done making it harder for crypto enthusiasts to get rich quick. It’s about time too – after all the noise made by those ‘experts’ who claimed that cryptocurrency was going to change the world (spoiler alert: it hasn’t), China is finally taking steps to address the obvious issues associated with this mess of a technology.

Source: bitcoin.com

China is moving to update its legislation to tackle new money and cryptocurrency money laundering crimes. The Chinese Congress is set to introduce new money laundering concepts in the second review of the money laundering law draft revision, which will establish additional requirements for monitoring tech-related new money laundering risks. China is in the process of adapting its regulatory framework to address money laundering risks. The Standing Committee of the […]

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