China's Supreme Court Intensifies Penalties for Money Laundering and Illegal Foreign Currency Transfers Using Cryptocurrencies

NPC Work Report Delivered

On the 9th, the 4th session of the 14th National People's Congress (NPC) was held at the Great Hall of the People in Beijing. During this session, the Supreme People's Court of China presented a work report stating its policy to strictly crack down on crimes such as money laundering and illegal foreign currency transfers facilitated by cryptocurrencies, and to collaborate with relevant agencies to prevent illegal cross-border fund transfers.

According to the report, over the past five years, threats to network security...