China’s crackdown on cryptocurrency misuse includes sentencing individuals for laundering telecom fraud profits. An, Chen, and Guo were sentenced for laundering 500,000 RMB via crypto exchanges. This indicates stricter regulations and legal accountability in crypto transactions, reshaping the compliance landscape.
The Supreme Court’s ‘should have known’ standard imposes accountability on those involved in crypto transactions, even without explicit criminal knowledge. This regulatory approach signals increased scrutiny, significantly influencing market perceptions and compliance measures for crypto businesses.
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