Chinese authorities on Monday specifically identified trading in virtual assets as a method of money laundering, marking the first time such a measure has been taken against the asset class in the country. China’s Supreme Court and the Procuratorate, the country’s top judicial institutions, jointly announced the changes at a press conference. The measures, set to go into effect Tuesday, are part of a broader effort to strengthen anti-money laundering laws that specifically target the use of cryptocurrencies in illicit financial activities. Chinese authorities will now consider money laundering of more than 5 million yuan ($685,000) or causing damage of more than 2.5 million yuan ($343,000) to be serious crimes.
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