A work report presented by the Procurator-General of the Supreme People's Procuratorate at the recent National People's Congress reveals that nearly 3,032 people were prosecuted for crypto money laundering in China in 2024. Criminals are found to be hiding dirty money by converting it into anonymous cryptocurrencies, mixing them with others to avoid tracing, and then cashing it out through various crypto addresses. Additionally, the report shows that 25,000 people were arrested in China for financial fraud and crimes, and 825 were prosecuted for securities crimes, including insider trading. China's approach to cryptocurrencies is characterized by prohibitions rather than regulation, and the country lacks a specific crypto regulator. The strict legal action taken against financial crimes in China demonstrates their commitment to combating illegal crypto transactions and financial fraud.



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