China's Supreme Court to Impose Stricter Penalties on Crypto Money Laundering

China's Supreme People's Court has announced plans to enforce stricter penalties for individuals using cryptocurrency to launder money and transfer funds across borders. According to NS3.AI, this move comes as Chinese authorities face an increase in technology-enabled crime. A recent report highlighted that Chinese-language money-laundering networks have processed approximately 20% of illicit crypto funds over the past five years. In response, Beijing is reaffirming its stance that cryptocurrency applications must adhere to legal boundaries.