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Author: Admin | 2025-04-28
Other illegal financial activities are strictly prohibited and resolutely banned in accordance with the law. If carrying out relevant illegal financial activities constitutes a crime, criminal responsibility shall be investigated in accordance with the law," an English translation of the government document reads.In its laundry list of mandates, the government said that it will go after Chinese citizens who work for off-shore exchanges but which service Chinese citizens, specifically targeting domestic Chinese citizens who work for crypto trading and financial firms.The Chinese Supreme Court, in cooperation with 9 of China's leading regulatory agencies, will be establishing new processes for identifying and prosecuting violators of the new laws.In other efforts to enforce the new mandates, the government is demanding that internet companies monitor web traffic for cryptocurrency activity (including censoring any crypto-related information and content), while also demanding that financial institutions ramp up their surveillance of cryptocurrency-related inflows and outflows. They are also calling on the country’s advertising authority to disallow the use of crypto-related terms in marketing copy.Additionally, the document explicitly names Tether as one of the currencies of interest alongside Bitcoin and Ethereum. Tether is the lifeblood of China’s cryptocurrency ecosystem, considering exchanges aren’t allowed to operate in the country and financial institutions have historically blocked yuan payments to crypto-related services like trading venues. With Tether in its sites, the CCP is signaling that it wants to strike at the heart of China’s cryptocurrency community.In a separate edict issued on September 3, the Chinese government is also ramping up
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