China to Amend AML Regulations; Move to Eradicate Crypto?

China, banned cryptocurrency related activities in its region in 2021, and now the nation is planning to make major amendments to its Anti-Money Laundering (AML) to include transactions related to crypto in the regime amid broader scrutiny of the digital asset industry by the policymakers of the country. 

The regional media platforms of China published a news article based on the recent meeting of the Chinese Prime Minister Li Qiang, the discussion was conducted with the council of ministers over the revision of AML regulations of the nation. 

China is among the leading economies in the world, the nation got its first proposal of amendment of AML regulation. Before the restriction over crypto-related activities, the country was a top destination for crypto-miners.

It is important to note that the neighbor of China, Hong-Kong is constantly working to ease its crypto regulations and following a path towards the title of the crypto hub. However, data sources suggest that still millions of Chinese hold and trade crypto.

A research report over cryptocurrencies conducted by Triple-A states that 5.5% of China’s population owns crypto assets till December 2023. 

Crypto Market Updates 

Most recently, Coinbase, a leading crypto exchange, has recently revealed revised its fee structure, indicating the changes that it will charge its institutional clients for large conversion from USDC to USD exceeding $75 Million.

As per the reports of TheCoinRepublic the New York City Bar association proposed significant amendments in the context of evolving technologies, such as digital assets to encourage crypto firms to set up workplace in New York and preserve the region’s preeminence as a leading commercial jurisdiction.

Harvest International became the first institution to file for a Bitcoin spot ETF application with Hong-Kong  Securities and Futures Commission. The application by the firm was submitted on January 29, 2024.

Following the approval of spot ETF, a sudden surge in crypto adoption was seen in some European Union nations. Harvest Fund Management is one of the leading asset managers based somewhere in China.

Market Price Update 

In the past 24 hours market capitalization of the crypto market slipped 2.21% and when writing was $1.64 Trillion. The pioneer of the market, Bitcoin is trading at $42,639 after declining 1.94% intraday. 

The topper of the intraday trading frame is Chainlink as the price of the token grew approximately 4.14%, followed by PYTH, RON, FLR and SUI. While analyzing the market it was noticed that both the list of gainers and losers is led by tokens/coins below $100.

The second most talked about token of the market, Ethereum is trading at $2,302 with a weekly growth of 2.66%. Memecoin market cap fell over 3% in the past 24 hours. 

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.