New Mode of Money Laundry with Crypto Assets and Game Coins

Bittime - Recently, the crime of money laundering has spread to the digital world, such as crypto assets and game coins. Legal authorities are now increasingly strict in combating money laundering involving digital assets.

Money Laundry Cases Increase

Recently, China's Supreme Court and Supreme People's Procuratorate issued updated legal interpretations regarding issues related to the application of the law in handling money laundering crimes. 

In this interpretation, virtual asset transactions are expressly included as a method of money laundering. This shows how serious the threat posed by this increasingly sophisticated crime is.

In the past 3 years, Chinese courts have resolved 2,406 criminal cases related to money laundering in first-instance trials, involving 2,978 people. These figures show how serious and widespread this crime is.

Read Also: Digital Payment Tokens Become a New Means of Money Laundering in Singapore

New Mode in Money Laundry

As technology develops, criminals continue to develop crime methods. The use of virtual assets, game coins, scoring platforms, and live broadcast prizes are new modes used by perpetrators.  

This adds new challenges for legal authorities to detect and prosecute money laundering crimes committed by these methods. However, with the new regulations that have been issued, China is determined to crack down firmly on all forms of money laundering crimes, including those that use virtual assets as a tool.

Virtual Assets as a Means of Money Laundry

According to the latest regulations, the transfer and conversion of criminal proceeds and benefits through virtual asset transactions and financial asset exchange can be identified as money laundering crimes. 

This means that such transactions can be categorized as acts of “concealing and disguising the origins and nature of the proceeds of crime” as regulated in criminal law.

With this regulation, the court will strictly punish money launderers who use virtual assets such as crypto assets and game coins.  

Read Also: Binance and CZ Charged with Money Laundering?

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.