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Anti-Money Laundering

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The People’s Bank of China (PBOC) promulgated The Measures for the Supervision and Administration of Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) of Financial Institutions (Measures), which came into effect on 01 August 2021. The new Measures have widened the scope of applicable institutions by adding developmental financial institutions, consumer finance companies, loan companies, non-banking payment institutions and many other types of financial service companies.

Crypto-assets, cryptocurrencies and/or related service providers have not been traditionally regulated in Spain. These products or services have only been captured to the extent they were embedded in other financial products (e.g. funds or derivatives) or in case they could qualify as a financial instruments directly (e.g. security tokens).

Crypto around the World covers cryptoasset regulations across various jurisdictions by answering 20 questions. Drawing on the global reach of our regulatory expertise at Baker McKenzie, this publication highlights developments and various approaches in Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) and cryptoassets regulation in EMEA, Asia Pacific, and the USA.

The Spanish Government recently issued a new royal-decree with the aim of protecting retail potential investors in digital financial instruments and assets (Royal Decree). This seeks to counter the increase of mass-market advertising campaigns in relation to the selling of crypto-assets, including bitcoin and other assets using Distributed Ledger Technology (DLT) targeted at the Spanish market.