China has introduced stricter regulations to curb cryptocurrency-related activities, with its foreign exchange regulator requiring banks to monitor and flag risky trades involving digital assets. The State Administration of Foreign Exchange (SAFE) announced last week that the new rules aim to target underground banking, cross-border gambling, and illegal financial activities involving cryptocurrencies, according to a report from the South China Morning Post. Chinese Banks Need to Identify High-Risk Transactions Under the updated guidelines, banks across…
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