China's state-run newspaper has issued a significant advisory to investors, stressing the need for caution amid Bitcoin's (BTC) recent surge to a two-year peak exceeding $65,000.

The advisory comes against the backdrop of persistent regulatory concerns and a dynamic global crypto landscape.

China's crackdown on cryptocurrencies has been ongoing. In September 2021, the government classified various crypto-related activities as illegal. While this move aimed to curb specific actions, outright prohibition of owning digital assets like Bitcoin (BTC) or Ethereum (ETH) did not occur. However, concerns regarding capital flight and financial instability linger, prompting continued warnings from state media.

The recent advisory aligns with a substantial increase in Bitcoin's value this year, accompanied by heightened trading volumes for US-listed Bitcoin exchange-traded funds (ETFs) and others.

The cautionary tone highlights macroeconomic uncertainty, unforeseen industry events, and ambiguous regulatory policies as factors necessitating investor vigilance.

During the 2023 Annual Conference of the Chinese Association for the Study of Integrity and Law, there was a discussion about a rise in corruption and criminal activities associated with cryptocurrencies. Legal experts examined the challenges of monitoring sophisticated corruption facilitated by digital currencies. The association emphasized the digital space's ability to evade traditional surveillance methods, prompting heightened concerns.

In a bid to regulate crypto transactions, China plans to revise its existing anti-money laundering rules. These guidelines aim to facilitate the implementation of more effective monitoring and supervision mechanisms in the crypto industry. This marks the first major review in 17 years, reflecting the necessity for oversight and regulation in the dynamic Web3 environment.