Governance of Virtual Currency Money Laundering under Criminal Law

Money laundering using virtual currencies, due to its anonymity, nature of cross-border, and technical complexity, has already posed a severe threat to the traditional criminal law system. There are some controversies in the Chinese legal system regarding the legal attributes of virtual currencies and the proper interpretation of "knowing" in the crime of money laundering. These controversies have made efforts in combating money laundering crimes involving virtual currencies ineffective. In this regard, it is urgent to establish a sound legal framework and clarify the subject of responsibility and sentencing of this technology abuse; Improve the active defense capability of technology and build a comprehensive real-time monitoring technology through multi-party cooperation; Promote social collaborative governance and enhance public awareness of prevention. While curbing the abuse of technology, people should also reserve space for its beneficial application and promote the development of deep counterfeiting technology within the legal and compliant boundaries, so as to maintain social stability and safeguard public interests.