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Image Source by Florence Lo for Reuters

Chinese government to to intensify campaign against crypto-based fraud

August 7, 2023 China Blockchain

The Chinese Central Political and Legal Committee (CPLC), China’s equivalent to the Solicitor General, will also increase public awareness and rally judicial entities in cracking down on illicit ‘new technologies.’

Original story by Anthony Patrick for Crypto.news

China is warning telecom companies that are based overseas not to wield “new technologies” — digital assets, blockchain, artificial intelligence (AI) and the metaverse — for nefarious purposes.

According to Global Times, citing a statement from the Chinese Central Political and Legal Committee, “entities operating from outside China have been using deceptive tactics such as posing as lucrative job opportunities to recruit unsuspecting victims.”

“From the perspective of fraud methods, fraud groups use blockchain, metaverse, virtual currency, AI intelligence and other new technologies and new formats to continuously update criminal tools, which are more concealed and confusing,” the committee stated. “This requires the public security, finance, telecommunications, Internet and other departments to work together, apply advanced technical means, and fulfill the responsibility of the main body of supervision.”

The committee pledges to “severely crack down,” increase public awareness and bolster judicial departments to detect and prevent illegal activities by foreign companies.

It did not name which companies or groups it was referring to.

The Intermediate People’s Court of Xuzhou, East China’s Jiangsu Province, is reportedly focusing on 52 telecom network fraud cases. A total of 85 defendants were recently sentenced.

The announcement comes amidst Beijing’s soft nod towards cryptocurrency developments for one of its special administrative regions–Hong Kong.

Earlier this year, the Hong Kong Securities Futures Commission (SFC) released licensing guidelines for cryptocurrency exchanges.150 interested parties had submitted feedback during the licensing regime consultation process. In June, HSBC also rolled out for the first time, its crypto service in Hong Kong, and, just last week, Hong Kong officially opened itself to crypto trading, granting licenses to Hashkey and OSL.

Read more about Beijing’s statements by reading the original story at https://crypto.news/chinese-regulators-reaffirm-severe-crackdown-on-overseas-telecoms-dealing-in-crypto-blockchain/

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