China’s Top Prosecutor Urges Stronger Investigations Into Crypto Money Laundering
Summary
- China’s Supreme People’s Procuratorate said investigative capabilities need to be strengthened for money laundering crimes involving virtual assets.
- The SPP said the current legal framework has not kept pace with advances in digital-asset technology, creating difficulties in money-laundering investigations, evidence collection and the recovery of stolen assets.
- The outlet added that unlike the U.S. Treasury Department, which acknowledged the functions of privacy technologies such as Tornado Cash (TORN), Monero (XMR) and Zcash (ZEC), China still strictly bans cryptocurrency trading.
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China’s Supreme People’s Procuratorate, the country’s top prosecutorial body, said authorities need to strengthen their ability to investigate money-laundering crimes involving virtual assets, or cryptocurrencies.
The Block reported on July 13 that a paper published on the SPP’s official website said China’s current legal framework has not kept pace with advances in digital-asset technology. That has complicated money-laundering investigations, evidence collection and the recovery of stolen assets.
The paper said mixers, privacy coins and decentralized exchanges, or DEXs, make it harder to trace transactions and gather evidence. Existing investigative methods alone are limited in such cases.
The outlet added that, unlike the U.S. Treasury Department, which has issued a report acknowledging the functions of privacy technologies such as Tornado Cash (TORN), Monero (XMR) and Zcash (ZEC), China continues to strictly ban cryptocurrency trading.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.