China’s money-laundering crackdown needs ‘urgent’ plan to recover illicit digital assets

China needs to “urgently” standardise ways to recover billions of yuan worth of funds from confiscated digital assets, according to a legal expert, following last month’s revision of laws targeting money laundering using virtual currencies.

In an article published on Tuesday in the People’s Court Daily, a publication owned by the Supreme People’s Court in China, Yang Kai, a professor with the East China University of Political Science and Law, said law enforcement authorities faced difficulties in safely recuperating virtual currencies as part of criminal cases.

Yang’s comments came after the Supreme People’s Court and the Supreme People’s Procuratorate revised laws last month to include cryptocurrencies, online game coins and tipping during live streaming as channels of money laundering.

The revision would help China to bolster a crackdown on illegal activities and address cryptocurrency-related risks, a measure that would also align its practices with global standards as it faces stricter international scrutiny.

China does not recognise virtual currencies as legal tender and strictly prohibits their circulation in the market.

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