{"id":2152,"date":"2017-03-18T12:50:37","date_gmt":"2017-03-18T12:50:37","guid":{"rendered":"https:\/\/blog.holytransaction.com\/?p=2152"},"modified":"2017-03-18T12:50:37","modified_gmt":"2017-03-18T12:50:37","slug":"bitcoin-exchange-regulation-china","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2017\/03\/bitcoin-exchange-regulation-china.html","title":{"rendered":"Bitcoin exchange regulation in China"},"content":{"rendered":"<p>Soon a new <strong>bitcoin exchange regulation in China<\/strong> may be required to ensure <strong>know-your-customers<\/strong> (KYC) verifications.<\/p>\n<p>According to an article published by <em><a href=\"http:\/\/finance.caixin.com\/2017-03-17\/101067236.html\">Caixin<\/a><\/em>, the People&#8217;s Bank of China issued a new paper for the Chinese exchanges on which it is looking for comments for the proposed regulation.<\/p>\n<p>This move is part of a effort by the Chinese central bank in order to have a bitcoin exchange regulation and avoid money laundering and other financial crimes.<\/p>\n<p>According to the official press release, this paper explains both a regulation related to the anti-money laundering (AML) issues and the creation of a customer identification system.<\/p>\n<p>Bitcoin users will have to own an<strong> on-site certification<\/strong> if they want to deposit funds. To do se, they will have to present identification at the time of registration. Also, for clients who hold more than \u00a550,000 (over $7,200) in volume, a <strong>remote video certification<\/strong> will be required to authenticate their own identity.<\/p>\n<p>The document also contemplates that there must be a senior management team who controls AML procedures and reports dubious transactions.<\/p>\n<p>This news come after the <strong>PBoC&#8217;s decision<\/strong> made back in January that indicates to intervene in the Chinese bitcoin market during this period of heavy bitcoin price volatility.<\/p>\n<p>Since then, bitcoin exchanges started to implement several new policies, ending margin trading and freezing withdrawals for a few cryptocurrencies.<\/p>\n<p>At the moment, while I&#8217;m writing this article, <strong>bitcoin Chinese exchange withdrawals are still frozen<\/strong>.<\/p>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Soon a new bitcoin exchange regulation in China may be required to ensure know-your-customers (KYC) verifications. According to an article published by Caixin, the People&#8217;s Bank of China issued a new paper for the Chinese exchanges on which it is looking for comments for the proposed regulation. This move is part of a effort by [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":2,"featured_media":2154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76,83,468,542],"tags":[840,1378],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin exchange regulation in China -<\/title>\n<meta name=\"description\" content=\"A new Bitcoin exchange regulation is taking place in China where exchange platforms are implementing new policies for AML and KYC.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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