China from now on will jail those who found guilty of raising funds by selling cryptocurrencies as its supreme court amended its interpretation of the criminal law.
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According to a statement published on the court's website, those who commit a fraudulent fundraising crime will be punished by imprisonment for a term of three to seven years. China will also sanction those who break the rules with a fine from $15,000 up to $700,000. The amendment will come into force on March 1.
The move comes after the Canadian authorities activated the "Emergency Act," which, among other things, also allowed the government to block citizens' bank accounts and track their transactions with cryptocurrencies. The adoption of such drastic measures was explained by the growing incidence of terrorist financing through digital assets.
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