China intensifies Web3, AI crime monitoring
SHANGHAI, CHINA — Chinese authorities are intensifying their monitoring of the Web3 and artificial intelligence (AI) sectors in response to rising financial crimes.
Jingeng Sun, an executive at China’s Network Security Bureau, confirmed this stance during a press conference hosted by the Ministry of Public Security.
Sun highlighted using generative AI tools and digital currencies in fraudulent activities, including impersonation and phishing scams, malware, and Trojan viruses.
The Chinese government has been actively cracking down on digital currency offenses, recently dismantling a USDT money laundering syndicate in July. In 2021, China implemented a comprehensive ban on digital currencies, making all transactions involving cryptocurrencies illegal and prompting many service providers to exit the market.
Sun also revealed that authorities will allocate resources to investigate and prosecute AI-related offenses. To promote the safe use of emerging technologies, the government has issued guidelines, including the potential requirement for AI firms in China to obtain licenses before launching generative AI systems.
As part of these efforts, the Chinese government has banned OpenAI’s ChatGPT and is focusing on developing local alternatives through companies like Alibaba and SenseTime.
By ramping up monitoring and implementing stricter regulations, Chinese authorities aim to prevent financial fraud, digital currency violations, and emerging technology-related crimes in the Web3 and AI sectors.
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