China’s Supreme People’s Procuratorate Issues Important Call for Cryptocurrencies

China's Supreme People's Procuratorate has called for increased efforts to combat money laundering crimes involving cryptocurrencies.

The announcement was made during a joint work session organized by the Party Faction Theory Study Center and the Prosecutor's Committee of the Supreme People's Procuratorate, focusing on the recently revised Anti-Money Laundering Law.

Party Group Secretary and Chief Procurator of the Supreme People's Procuratorate Ying Yong expressed the need for a sound approach to addressing money laundering facilitated by new technologies, products and businesses, including cryptocurrencies. He noted that it is important to implement the updated provisions of the Anti-Money Laundering Law that expand the scope of crimes that can lead to money laundering.

Ying said that to ensure high-quality financial development, legal supervision should be in line with the principles of the revised law.

Given the growing role of digital assets in financial crimes, Ying called for increased capacity to detect and prosecute money laundering crimes committed using cryptocurrencies. He noted the increasing sophistication of money laundering networks that leverage blockchain and other new technologies, and said advanced tools and expertise are needed to counter such threats.

*This is not investment advice.