EddieJayonCrypto

 20 Aug 24

tl;dr

Chinese authorities have officially recognized "virtual asset" transactions as a form of money laundering, marking the first such acknowledgment in the country. The Supreme People’s Court and the Supreme People’s Procuratorate jointly announced the move during a press conference, as part of broader ...

Chinese authorities have officially recognized "virtual asset" transactions as a form of money laundering, marking the first such acknowledgment in the country. The Supreme People’s Court and the Supreme People’s Procuratorate jointly announced the move during a press conference, as part of broader efforts to tighten anti-money laundering laws, specifically targeting the use of crypto in illicit financial activities. The new legal interpretation classifies virtual asset transactions, including those conducted through crypto exchanges, as acts that conceal the source and nature of criminal proceeds.

Chinese authorities will now consider laundering amounts over 5 million yuan ($685,000) or causing losses of more than 2.5 million yuan ($343,000) as serious offenses under the law, with stricter legal scrutiny and harsher penalties for large-scale money laundering operations. This announcement follows China's previous bans on ICOs in 2017 and crypto transactions in 2021, demonstrating the country's evolving stance on crypto regulation.

Additionally, former President Donald Trump emphasized the importance of the U.S. maintaining technological leadership over China, particularly in areas such as AI and cryptocurrencies, during a campaign event in York, Pa. On Monday, Chinese authorities explicitly recognized “virtual asset” transactions as a method of money laundering, marking the first instance in the country that such a move has been made towards the asset class. The Supreme People’s Court and the Supreme People’s Procuratorate, the country’s highest judicial bodies, jointly announced the changes during a press conference. The measures, expected to take effect on Tuesday, are part of broader efforts aimed at tightening anti-money laundering laws, including specifically targeting the use of crypto in illicit financial activities. The new legal interpretation classifies virtual asset transactions, including those conducted through crypto exchanges, as acts that "cover up and conceal the source and nature of the proceeds of crime.”

Chinese authorities will now consider laundering amounts over 5 million yuan ($685,000) or causing losses of more than 2.5 million yuan ( $343,000) as serious offenses under the law. The thresholds ensure that large-scale money laundering operations face stricter legal scrutiny and harsher penalties. If convicted and sentenced to fixed-term imprisonment of up to five years, or if given criminal detention, individuals face a fine of no less than 10,000 yuan ($1,370). For sentences ranging from five to ten years, the individual will be fined at least 200,000 yuan ($27,400) in addition to their imprisonment. The move comes after the country’s bans on ICOs in 2017 and crypto transactions in 2021, noting China's fluctuating approach to crypto.

Speaking at a campaign event at Precision Components Group on Monday in York, Pa., former President Donald Trump stressed the importance of the U.S. remaining ahead of Chinese technological advancements. “To power our country into the future, including the growing electricity demands of AI and cryptocurrencies— which is a very big subject coming up more and more— we have to stay at the top, we wanna be right at the forefront,” Trump said. “Otherwise China and other countries will take it over.”

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Vermilion Energy Inc.

Vermilion Energy Inc. is engaged in the acquisition, exploration, development and production of oil and natural gas in North America, Europe and Australia. The company is headquartered in Calgary, Canada.

Industry Sector: ENERGY & TRANSPORTATION

Primary Sub-Industry: CRUDE PETROLEUM & NATURAL GAS

Market Cap: 1,604,460,000

Dividend Yield: 0.44%

Price Change: -3.68%

Price/Earnings Ratio: 11.19

EPS (Earnings Per Share): -0.456

Volume: 1,812,941,000

Stock Beta: 15.7

Volatility: -0.996

52-Week High/Low: 0.019

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Alpha Pro Tech, Ltd. develops, manufactures, and markets a range of disposable protective garments, infection control, and construction products in the United States and internationally. The company is headquartered in Markham, Canada.

Sector: LIFE SCIENCES

Industry: ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES

Market Cap: 66707000

Current Price: 14.56

Dividend Yield: None

Price Change: 0.41

Percentage Change: 5.33%

EPS: 0.0771

Volume: 61090000

Market Cap (Adjusted): 16.75

PE Ratio: 0.545

PEG Ratio: 0.011

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C3 Ai Inc (C3) operates in the Technology sector, specifically in the Services-Prepackaged Software industry.

Key Statistics:

Market Cap: $3.18 billion

Revenue (ttm): $310.58 million

PE Ratio: -2.34

EPS: $2.602

Forward Dividend & Yield: $0.00 & 0.00%

Stock Price: $28.39

Relative Strength Index (RSI): 28.39

Price Change (52 weeks): 0.196

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Stock: Core Scientific Inc. Common Stock

Description: Core Scientific, Inc. provides blockchain and artificial intelligence (AI) infrastructure services in the United States. The company is headquartered in Austin, Texas.

Sector: Technology

Industry: Services-Computer Processing & Data Preparation

Market Cap: 542,047,000

Dividend Yield: None

EPS: 1.323

P/E Ratio: -0.491

Volume: 502,400,000

Current Price: $6.75

52-week High: $0

52-week Low: $0.171

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