With the rapid growth and widespread adoption of cryptocurrencies in China, concerns are mounting about their potential to facilitate money laundering activities. Chinese scholars have urged policymakers to prioritize addressing this critical issue in the upcoming revision of the country’s Anti-Money Laundering (AML) Law, scheduled for enactment in 2025.
In a major development for the cryptocurrency community, the UK Supreme Court has denied Craig Wright’s final appeal in his libel case against prominent Bitcoin podcaster Peter McCormack. This definitive ruling marks the end of a five-year legal battle, with McCormack emerging victorious.
China has intensified its efforts to curb the illegal use of cryptocurrencies by corrupt officials and criminals. The country’s central bank declared all crypto transactions illegal, and the police arrested 93 members of a group that allegedly laundered up to $5.6 billion using virtual currencies. The crackdown aims to protect the safety of people’s assets and maintain financial stability in China.