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Overcoming Illegal Crypto Cases, China Revises Money Laundering Law

As previously reported, Cryptocurrencies are becoming popular again in China, as investors turn to crypto to seek profits as the national stock market is facing a downturn.

Reporting from Bitcoin.com, Saturday (27/1/2024), according to Reuters, even though buying and trading cryptocurrencies has been banned since 2021, Chinese investors have found ways to allocate a large part of their portfolios to cryptocurrencies.

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These investors can use exchanges such as Binance and Okx trading groups as well as traditional payment methods such as Alipay and WeChat to purchase stablecoins from local dealers, entering the cryptocurrency investment arena. Additionally, there are also over-the-counter exchanges that facilitate access to crypto.

A senior executive at a China-based exchange confirmed the move, saying the current downturn has made investing in mainland China risky, uncertain and disappointing, so people are starting to allocate assets overseas.

It's not just individuals who are trying to find opportunities in the cryptocurrency market. Institutions impacted by the performance of traditional investment markets are also looking for ways to change their narrative.

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Chainalysis, a blockchain intelligence company, has confirmed the number of Chinese cryptocurrencies has increased, reaching 13th place in the global peer-to-peer market in 2023, up from 144th in 2022.

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Transactions totaled USD 86.4 billion or the equivalent of IDR 1,362 trillion (assuming an exchange rate of IDR 15,775 per US dollar) between July 2022 and June 2023, more than what was traded in Hong Kong in the same period.

Overcoming Illegal Crypto Cases, China Revises Money Laundering Law

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