Strengthening Virtual Currency Regulations to Protect Public Finances

According to PANews, a recent article from Caixin highlights the resurgence of speculative activities in virtual currencies. The piece emphasizes the need for a robust regulatory framework to safeguard public finances. This involves coordinated efforts across various departments, enhancing regulatory standards, improving technical monitoring capabilities, and protecting legitimate economic activities. Data reveals that in 2024, authorities prosecuted 3,032 individuals for using virtual currencies to launder criminal proceeds. Many of these individuals were drawn into illegal activities due to a lack of legal awareness. An academic analysis of 283 court rulings on virtual currency-related money laundering cases shows that criminal groups often exploit marginalized young people with lower educational backgrounds, predominantly from high school or below, as tools for their operations. These activities are notably concentrated in specific regions.