tl;dr
China has implemented new regulations to monitor and control risky foreign exchange activities, including those involving cryptocurrencies. The State Administration of Foreign Exchange has directed banks to track and report suspicious transactions related to cross-border gambling, underground financ...
China tightens grip on crypto with new foreign exchange rules China has implemented new regulations to monitor and control risky foreign exchange activities, including those involving cryptocurrencies, reflecting a continued clampdown on crypto trading within the country. Helm Capital Group unveils theater-backed token for Broadway production Helm Capital Group introduces a blockchain-based funding mechanism to democratize investment in Broadway, challenging traditional theatrical financing structures. China has implemented new regulations to monitor and control risky foreign exchange activities, including those involving cryptocurrencies. The State Administration of Foreign Exchange has directed banks to track and report suspicious transactions related to cross-border gambling, underground financial networks, and unauthorized crypto dealings. Legal experts view these measures as a further crackdown on crypto trading within China. While the government has enacted strict regulations on commercial crypto activities, recent developments indicate a growing recognition of the sector's significance. The People's Bank of China's 2024 Financial Stability Report acknowledged the importance of developing robust frameworks for overseeing digital assets and aligning them with global efforts. Despite recognizing the industry's potential, Chinese regulators remain cautious, warning that expanding crypto adoption in payment systems and retail investments could pose risks to financial systems. China has rolled out new regulations to identify and control risky foreign exchange activities, including those involving cryptocurrencies, the South China Morning Post reported. According to the report, China’s State Administration of Foreign Exchange recently directed banks to monitor and report suspicious transactions tied to cross-border gambling, underground financial networks, and unauthorized crypto dealings. The new rules require banks to track the identity of individuals and entities involved, their sources of funds, and trading patterns. Legal experts see these measures as a further clampdown on crypto trading within the country. Liu Zhengyao, a lawyer at the ZhiHeng law firm, reportedly remarked that these rules deepen China’s regulatory arsenal against crypto, reinforcing the government’s intention to control the industry. While the latest measures reflect China’s strict stance on crypto, they highlight the government’s nuanced approach to the broader industry. Over the years, the Asian country’s government has enacted strict regulatory measures on commercial crypto activities, like Bitcoin trading and mining, because it views them as potential threats to financial stability. However, recent developments suggest a growing recognition of the sector’s significance. In its 2024 Financial Stability Report, the People’s Bank of China (PBOC) recognized Hong Kong as a leader in crypto regulation. The report also emphasized the importance of developing robust frameworks for overseeing digital assets and aligning them with global efforts. Additionally, a Chinese court previously ruled that owning cryptocurrencies is legal. Still, it emphasized their use is strictly limited to personal ownership or commodities—not as a payment method or investment vehicle. Despite recognizing the industry’s potential, Chinese regulators remain cautious. They warn that expanding crypto adoption in payment systems and retail investments could pose risks to financial systems. Oluwapelumi Adejumo is a journalist at CryptoSlate and values Bitcoin's potential, imparting insights on a range of topics like DeFi, hacks, mining, and culture, underlining transformative power. Assad Jafri, also an editor at CryptoSlate, focuses on crypto reporting and has honed his skills worldwide for over a decade, specializing in financial journalism. Helm Capital Group unveils theater-backed token for Broadway production Helm Capital Group introduces a blockchain-based funding mechanism to democratize investment in Broadway, challenging traditional theatrical financing structures.