China says crypto isn’t anonymous; HK, S. Korea tighten rules

Homepage > News > Business > China says crypto isn’t anonymous; HK, S. Korea tighten rules TL;DR: China‘s Ministry of State Security has warned that cryptocurrencies are not beyond the law and their “anonymity” is merely an illusion as Hong Kong regulators expand financial reporting oversight for licensed digital currency firms in a new MOU, while South Korea is thinking of legalizing crypto market makers following JPYC’s surge. Key Takeaways: China’s Ministry of State Security said that cryptocurrency is not beyond the law and that its “anonymity” is a misconception. The MSS stated that blockchain records are public and immutable, and that specialized firms can link wallet addresses to real-world users. Hong Kong’s SFC and AFRC signed an MoU on September 28 extending reporting oversight to SFC-licensed virtual asset service providers. The new MoU supersedes the 2021 agreement and covers information sharing, case referrals, and coordinated inspections. South Korea’s FSC is reviewing a formal crypto market-making system after JPYC surged from 12 to 37.6 won on Upbit on September 17. Crypto not a legal ‘safe haven’ for criminals, China’s Ministry of State Security warns On S...