cryptohunter
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When it comes to offshore banking in China, the rules are king of and different from other big financial places worldwide. In China, the State Administration of Foreign Exchange (SAFE) and the People's Bank of China (PBOC) are in charge of making sure money moves in and out of the country in a stable and safe way.
Like in other financial places, China is strict about following rules, especially in areas like stopping money crimes and checking who's using the bank (KYC). Offshore banks have to stick to these rules to keep money transactions clean and honest.
But compared to some other places, China has its own rules to watch over money moving between countries. These rules are there to make sure too much money doesn't leave and to keep the economy stable.
Like in other financial places, China is strict about following rules, especially in areas like stopping money crimes and checking who's using the bank (KYC). Offshore banks have to stick to these rules to keep money transactions clean and honest.
But compared to some other places, China has its own rules to watch over money moving between countries. These rules are there to make sure too much money doesn't leave and to keep the economy stable.
