COINOTAG News reports that the General Office of the State Council issued the “Opinions on Comprehensive Crackdown on Illegal Activities Involving Tobacco Throughout the entire Chain.” The document mandates risk controls across inbound and outbound transportation tools and international mail, and calls for enhanced analysis of illegal activity such as overseas-registered websites and virtual currency transactions tied to tobacco products, with precise crackdown using new technologies and channels.
For the crypto-finance and fintech ecosystem, the guidance signals sharper regulatory scrutiny of cross-border illicit finance and substantiates ongoing anti-smuggling efforts leveraging digital traces. Market participants should align with crypto compliance and AML best practices to monitor cross-border payments and keywords related to tobacco-linked crypto activity.
Financial institutions and logistics providers are urged to enhance KYC and transaction monitoring, fortify risk management controls, and foster collaboration with authorities to safeguard legitimate commerce and deter abuse of digital currencies in illicit tobacco networks.
Source: https://en.coinotag.com/breakingnews/chinas-state-council-steps-up-crackdown-on-tobacco-smuggling-linked-to-virtual-currency-transactions
