China calls for tougher crackdown on crypto bribes, corruption

China’s Communist Party has called for stricter action against corruption involving cryptocurrencies, blockchain technology and cross-border financial transfers under a resolution adopted by its Central Committee on October 29. Summary China’s Communist Party has called for tougher action against corruption involving virtual currencies, blockchain and cross-border capital. The October 29 resolution targets officials who conceal bribes, misuse public power or move illicit assets through intermediaries. The document calls for stronger international cooperation, investigations into overseas corruption and recovery of stolen assets. The resolution does not introduce a new cryptocurrency trading ban or specifically name USDT, OTC desks or offshore exchanges. China’s existing restrictions already cover cryptocurrency trading services, stablecoins and unauthorized cross-border financial activities. According to the official resolution, published by Xinhua on November 1, the party wants investigators to pursue officials using digital assets and concealed financial arrangements to receive bribes or move illicit wealth. The document places virtual currencies alongside internet-based transact...