Measures for the Management of Banks’ Foreign Exchange Business Development (Trial): Banks should report illegal cross-border financial activities involving virtual currencies to the State Administration of Foreign Exchange in a timely manner

The State Administration of Foreign Exchange issued the "Measures for the Administration of Bank Foreign Exchange Business Development (Trial)", which will be implemented on January 1, 2024. The article requires that "banks should carry out foreign exchange risk transaction monitoring and analysis on customer transactions. For... illegal cross-border virtual currency Financial activities..., form foreign exchange risk transaction reports in a timely manner and submit them to the State Administration of Foreign Exchange."