Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

PBoC issues discussion paper on AML/KYC rules for bitcoin exchanges: Report

The People’s Bank of China is seeking comments on a discussion paper issued to domestic bitcoin exchanges regarding standardization of Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements.

Local news source Caixin reports that the paper discusses two crucial aspects of digital currency trading platform. First relates to the establishment of anti-money laundering organizational structure and the second is regarding the establishment of a sound customer identification system.

The report further states that first-time virtual currency users will need on-site certification. The users will have to present the identification documents at the time of registration. Users engaging in business worth over 50,000 yuan will require a remote video certification for identification purposes.

The paper also states that digital currency firms should have senior management personnel responsible for anti-money laundering work. It also lists a series of suspicious transactions that need to focus on the specific behavior.

The Caixin report follows the efforts by the Chinese central bank to ensure regulatory compliance by domestic bitcoin exchanges since the beginning of this year.

BTC/USD is currently trading at 1025 levels, after it plunged to 944 levels on March 18 (Bitstamp).

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

February 24 01:30 UTC Released

CNChina House Prices YY

Actual

5 %

Forecast

Previous

5.3 %

February 23 20:00 UTC Released

USCattle Placed On Fd

Actual

104 %

Forecast

100.4 %

Previous

101 %

January 31 00:00 UTC 3479634796m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 3479634796m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 4661646616m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 3479634796m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 4661646616m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 3479634796m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 3479634796m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 3479634796m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.