(Yicai) Aug. 20 -- China has recognized virtual asset transactions as a method of money laundering, reflecting heightened efforts to address evolving forms of financial crime amid increasing use of technologies such as cryptocurrencies and game tokens.

The Supreme People's Court and Supreme People's Procuratorate jointly issued a revised  interpretation of the country’s Anti-Money Laundering law yesterday, listing transactions involving virtual assets as a means. The new interpretation takes effect today.

With the widespread adoption of internet technologies, money laundering has evolved, with virtual currencies, game tokens, and livestream rewards becoming new tools, thereby heightening the challenge of combating these crimes, China's top court noted.

Chinese courts will severely punish money laundering crimes in accordance with the law, and step up the crackdown on crimes involving underground banks, cryptocurrencies, and game tokens, said Chen Hongxiang, chief judge of the Supreme People's Court’s No. 3 Criminal Adjudication Tribunal.

The revised interpretation also classifies “severe cases” of money laundering as those involving more than CNY5 million (USD698,405), repeated acts, the refusal by perpetrators to cooperate with asset recovery, and losses exceeding CNY2.5 million.

Supreme Court data show that since the launch of a three-year crackdown on money laundering, courts across the country have concluded 2,406 first-instance criminal cases involving 2,978 individuals. In the first half of this year alone, 349 cases involving 573 people were wrapped up. Drugs, corruption, bribery, and financial crimes account for over 80 percent.

Editor: Martin Kadiev