China warns foreign spies about crypto, Singapore dominates Asia: Asia Express

What happened

Singapore’s crypto economy grows 55%, South Korea set to make crypto market makers legal, and Chinese spy ministry warns would-be foreign spies it’s watching the blockchain. China banned crypto a number of times, before a comprehensive ban on exchanges in 2017 and a later ban on mining in 2021.

CHINA Beijing claims cryptocurrencies are ‘accomplices’ in espionage China’s Ministry of State Security has toughened its rhetoric on the risks of cryptocurrencies, highlighting their role in crime and stressing transactions are not really anonymous. According to the South China Morning Post the spooks published an article on social media stating cryptocurrencies are used to facilitate money laundering and cyberattacks and serve as “accomplices” in espionage.

The MSS stated that crypto is often used by “overseas anti-China hostile forces” to disrupt financial order and harm national security. While the warning holds true for most cryptocurrencies like Bitcoin and Ethereum, Monero or Zcash are totally private when used correctly.

It has also declared all crypto businesses illegal. Chainalysis said the broader CSAO crypto economy contracted 6.8% over the same period.