China is exploring rules for handling confiscated crypto assets

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MarsBit
04-17
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According to Reuters, despite China's ban on cryptocurrency trading, local governments are currently selling these digital assets through private companies in overseas markets to supplement fiscal revenue, a practice that has raised regulatory and compliance concerns. In 2023, the amount involved in crypto-related crimes in China surged to 4.307 trillion yuan, with local government confiscation income reaching a record 378 billion yuan. Experts suggest that the central government consider centrally managing these assets, possibly emulating the Trump administration's approach of establishing a cryptocurrency reserve or establishing a crypto sovereign fund in Hong Kong.

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