In Sep 2021, the People’s Bank of China declared virtual currency-related business activities as illegal financial activities and warned that it seriously endangers the safety of people’s assets. China’s government banned crypto trading and mining in one of the world’s most remarkable crackdowns on crypto. In parallel with the Chinese crypto ban, the number of companies being set up by Chinese in the UK exploded, as a statistic by the UK money laundering expert Graham Barrow shows.
The “Chinese Crypto Invasion Statistics” show that after the ban on crypto activities in China in September 2021, Chinese nationals’ number of company formations in the UK tripled in October and November. In a recent article, FinTelegram suggests that flexible evasion across continents and jurisdictions shows the problem of cryptocurrencies for governments. Here we see a loss of control by governments!