Chinese authorities are concerned about the growing risks associated with the criminal use of virtual assets. The China Anti-Money Laundering Research Center has proposed addressing regulatory gaps in the fight against money laundering using virtual assets.
The draft amendments to the anti-money laundering law have been preliminary approved by the relevant committees under the State Council and will soon be submitted for approval to the National People’s Congress of China. The bill has already been approved by the Supreme People’s Procuratorate.
At the moment, the text of the law has not been fully disclosed, as it must be fully approved.