News
China expands anti-corruption campaign to target crypto and cross‑border fund flows
The Chinese Communist Party adopted a directive at its Fifth Plenary Session on October 29, published on November 1, calling for a crackdown on corruption linked to the internet, virtual currencies, cross‑border money and blockchain. The measure does not introduce a new ban on crypto trading but integrates digital assets into broader anti‑corruption efforts. Authorities are concerned that cryptocurrencies can be used for bribery, asset concealment and illegal money movement. The directive also urges scrutiny of proxy arrangements that hide officials’ interests, and exchanges and service providers may face tighter compliance requirements.