🔥What! China's ❌ cryptocurrency also has new encryption regulations? Let's learn more together:
《Commercial Cryptography Management Regulations》: Revised and approved at the 4th executive meeting of the State Council on April 14, 2023, effective from July 1, 2023. This regulation clarifies the definition of commercial cryptography, which involves encrypting and protecting information that is not classified as state secrets using specific transformation methods, as well as the technologies, products, and services for security certification. The regulation stipulates relevant requirements for activities related to commercial cryptography research, production, sales, services, testing, certification, import and export, application, and supervision management.
《Regulations on the Management of Commercial Cryptography Use for Critical Information Infrastructure》: Officially effective from August 1, 2025. The core of the new regulation is to establish the "Three Synchronization Principle," requiring critical information infrastructure to synchronously support the commercial cryptography protection system during the planning, construction, and operation stages. Operators must establish systems for cryptography use, emergency response, major incident reporting, etc. The primary responsible person bears overall responsibility for cryptography use management and must also employ personnel with professional cryptography qualifications to undertake key management responsibilities, incorporating cryptography use and evaluation funding into the cybersecurity budget.
📍In addition, the new Anti-Money Laundering Law, which will be implemented starting January 2025, explicitly includes virtual currency transactions under regulatory supervision for the first time, requiring banks and payment institutions to strictly monitor virtual currency transactions and focus on combating cross-border money laundering and illegal fundraising activities.