China's top court warns of harsher penalties for crypto money laundering

China's Supreme People's Court has warned it will impose stronger punishments on individuals and organizations using cryptocurrency for money laundering and illegal cross-border fund transfers. According to DL News, Zhang Jun, President of the Supreme People's Court, submitted the court's annual work report to the National People's Congress. He emphasized that while technological innovation is encouraged, its applications must remain within the legal framework. Zhang added that the court will promote the standardized development of artificial intelligence (AI) while clearly defining the acceptable margin for error in technological innovation.