Cryptocurrency Warning from Chinese Scientists! "The Most Important, Most Urgent and Most Necessary Issue"

Chinese academics have explained that there is an urgent need to address money laundering issues related to cryptocurrencies at the legal level.

A revised draft of China's Anti-Money Laundering Law, which is expected to be adopted in 2025, is set to address this issue.

Professor Wang Xin of Peking University School of Law, who participated in the discussion of the revised draft of the Anti-Money Laundering Law, said, "The most important, most urgent and most necessary issue that needs to be solved at the legal level is the problem of money laundering, which includes virtual assets."

Another academic, Yan Lixin, pointed out that the use of cryptocurrencies and virtual assets for money laundering is becoming an increasingly mainstream trend. However, there is no clear definition in Chinese law on what virtual assets mean and their scope.

Wang Xin believes that China's attitude towards virtual currencies can be understood from the ban on the legal status of Bitcoin in the country. To prevent digital financial risks, China prohibits providing or receiving services for virtual currencies.

The revised draft of the Anti-Money Laundering Law already covers dealing with new money laundering risks by requiring financial institutions to assess money laundering risks and take risk management measures before adopting new technologies and introducing new products.