China Warns Foreign Spies on Blockchain Amid Growing Asian Crypto Hubs

China's Ministry of State Security has taken a tougher stance on cryptocurrencies, warning foreign spies that their activities are being monitored. In an article published on social media, the spooks highlighted the risks associated with cryptocurrency transactions, including money laundering and cyberattacks.

The South China Morning Post reported that the ministry stated cryptocurrencies serve as 'accomplices' in espionage and facilitate illicit activities. This warning comes as Singapore's crypto economy continues to grow rapidly, with a 55% increase year-over-year.

Meanwhile, South Korea is set to make significant changes to its cryptocurrency regulations, potentially allowing market makers to operate within the country.