Chinese Prosecutors Call for Stronger Crypto AML Rules and Blockchain Evidence Standards

• China’s prosecutorial authority proposed reforms to tackle crypto money laundering.
• The paper recommends recognizing blockchain evidence and expanding investigative powers.
• Authorities have also cited major challenges in tracing anonymous transactions.

China’s prosecutorial authorities have outlined a broader legal framework for tackling cryptocurrency-related money laundering. They argued that existing laws and investigative methods are struggling to keep pace with blockchain-based financial crime.

In a paper titled “Systematically Solve the Legal System Dilemma of Money Laundering Using Virtual Currency,” legal experts Yang Yingjie, Guo Shaoyou, and Liu Xinqi examined how cryptocurrencies have become increasingly attractive for laundering illicit funds because of their decentralized design, pseudonymous transactions, and ability to move assets across borders.…

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