China Urged to Establish Unified Crypto Regulations for Seized Digital Assets
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Loading... - Hongxi Chau
- 11 Sep 2024
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A law professor at the East China University of Political Science and Law, Yang Kai, has emphasized the need for China to standardize the recovery of illicit digital assets due to the rise in cryptocurrency-related crimes. He highlighted the lack of uniform standards, which complicates asset recovery and urged for comprehensive guidelines and international cooperation to manage digital currencies effectively.
Yang's statement followed a recent revision of laws by the Supreme People's Court and the Supreme People's Procuratorate, which broadened the definition of money laundering to include cryptocurrencies, online game coins, and live streaming tips. He pointed out the challenges that law enforcement agencies face when attempting to recover cryptocurrencies, including the absence of uniform standards and regulations across various jurisdictions.
Yang argued that a comprehensive set of guidelines is crucial for the secure and efficient liquidation of these assets. He also urged Chinese regulators to collaborate more closely with international counterparts, given the cross-border nature of digital currencies, to better address these challenges.
