Miguel Cordon · · 1 min readChina eyes ‘severe punishment’ for illegal fundraising via NFTs, metaverse
China is eyeing “severe punishment” for crimes such as money laundering and illegally raising funds through metaverse and NFT projects, Forkast reported, citing a statement from the prosecutor general’s office, the Supreme People’s Procuratorate.
Zheng Xinjian, director of financial and economic crime at the Supreme People’s Procuratorate, also said in an interview with local media that current legal systems need new proposals to keep up with newer forms of illicit financial activities.
The development comes as the People’s Bank of China eyes a tighter grip on NFTs and the metaverse. Gou Wenjun, the central bank’s director of the anti-money laundering unit, had previously said the novel tech could be misused for financial crime.
State media has also been outspoken regarding warnings on crypto-related crimes.
See also: How India’s tech titans square up against Chinese peers
Editing by Collin Furtado and Lorenzo Kyle Subido
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