China’s new forex rules require Chinese banks to track identity, fund sources and trading frequencies to curb cross-border crypto activities.
The Chinese foreign exchange regulator introduced foreign exchange rules requiring the country’s banks to monitor and flag risky trades involving crypto assets.
On Dec. 31, the South China Morning Post reported that mainland China’s new rules will make it more difficult for residents to buy digital assets.
Under the rules, banks must monitor and report risky forex trading activities. This includes cross-border gambling, underground banks and illegal cross-border financial activities involving crypto assets.
