China to establish crypto asset transaction tracking system

Gou said the central bank will work to "improve the transparency of virtual assets, and explore the use of regulatory sandboxes to determine the essence and effects of virtual assets," and "guide the market to abandon the imagination of anarchy and decentralization." China has banned all cryptocurrency-related transactions, even for those made via crypto exchanges based outside of China. However, cryptocurrency transactions from mainland China still exist. Mainland crypto traders register overseas companies to circumvent policy crackdowns. Fast facts Gou Wenjun said at a forum of the First Lujiazui National Financial Security Summit and 11th China Anti-Money Laundering Summit that…