China's Courts to Intensify Crackdown on Cybercrime and Virtual Currency Misuse

Zhang Jun, President of the Supreme People's Court, presented the court's work report at the Fourth Session of the 14th National People's Congress. According to NS3.AI, the report highlighted that courts concluded 9,326 cybersecurity-related criminal cases involving 22,000 individuals, marking a 158.5% increase over the previous five-year period. The report emphasized that courts will impose strict penalties on crimes involving the use of virtual currency for money laundering and evading foreign exchange controls. Additionally, efforts will be made to prevent illegal cross-border fund transfers.