BREAKING: China Updates Anti-Money Laundering Laws to Include Crypto Transactions ‼️

China's top court and prosecutors have revised the country's anti-money laundering laws to include virtual asset transactions. The updated laws, effective August 20, classify converting and transferring criminal proceeds through cryptocurrency as money laundering. Penalties range from fines of $1,400 to $28,000 and prison terms of 5-10 years. This move aims to curb crypto-related crimes and follows a massive underground banking network bust earlier this year.

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