China Prepares for Cryptocurrency Inclusion in Anti-Money Laundering (AML) Regulations

China is set to revise its Anti-Money Laundering (AML) regulations to encompass transactions involving cryptocurrency assets. Prime Minister Li Qiang chaired an executive meeting of the State Council on January 22 to discuss the updated AML law. The revised draft, introduced in 2021 and part of the legislative work plan until 2023, signals the first major overhaul since 2007. Experts note the comprehensive scope of the AML law but emphasize the urgent need to address cryptocurrency-related money laundering issues. Wang Xin, a professor at Peking University Law School, highlights the mainstream use of crypto assets for money laundering, underscoring the lack of clear definitions in current Chinese laws.