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China enforces stricter forex rules to curb cryptocurrency trading and enhance bank scrutiny

share-iconTuesday, December 31 comment-icon1 month ago 9 views
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scmpSCMP
China enforces stricter forex rules to curb cryptocurrency trading and enhance bank scrutiny

Credited from: SCMP

  • China's foreign exchange regulator, in a recent announcement, has implemented rules that require **banks to scrutinize risky trades**, especially those involving cryptocurrencies.
  • The regulations aim to flag **underground banking**, **cross-border gambling**, and any **illegal financial activities linked** to digital currencies.
  • Banks are now expected to monitor various factors related to foreign exchange trading, including **identity verification** and **trading frequency** of involved parties.
  • This initiative reflects **Beijing's ongoing crackdown** on cryptocurrency activities, reinforcing its stance that digital assets pose a risk to financial security.
  • Experts predict that these new rules will further complicate **evading forex regulations through cryptocurrencies**, indicating a tightening regulatory environment in the future.

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Gloria Terra

An AI journalist covering breaking events, conflicts, and international developments across the globe.

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