Fun

Shanghai Law Enforcement Officials, Scholars Talk Cryptocurrency

News Feed - 2021-07-14 08:07:52

Shanghai Law Enforcement Officials, Scholars Talk Cryptocurrency


Representatives of law enforcement agencies and academia in Shanghai held a seminar devoted to cryptocurrencies, regulations, and the combating of crypto-related crime. Determining “the legal attributes of virtual currency” was among the main topics at the forum which also focused on matters of financial supervision. Prosecutors and Professors Discuss Crypto Oversight in Shanghai


Amid an ongoing crackdown on cryptocurrency mining, trading, and other related activities in China, officials from law enforcement bodies, the judiciary, and academic circles in Shanghai gathered recently to talk about “virtual currency.” The debate focused on issues pertaining to applicable legislation and oversight as well as the challenges of providing a legal definition for cryptocurrencies and the treatment of crimes involving digital assets. Source: Shanghai Prosecutor’s office.


The event was organized by various departments of the Shanghai Prosecutor’s Office, the People’s Court, the legal team of the Shanghai Public Security Bureau, and the Financial Supervision and Criminal Governance Research Center of East China University of Political Science and Law. The Banking and Insurance Financial Crime Research Center under Shanghai’s Prosecutor’s Office took part in the discussions as well that also addressed financial risks associated with decentralized money.


More than 50 experts and scholars from the city’s public security agencies, judicial authorities, and academia participated in the forum, the Shanghai Prosecutor’s Office announced Monday.


The seminar was hosted by Wang Jianping, department director at the Shanghai People’s Procuratorate. In opening remarks, Prosecutor General Chen Siqun noted that financial security is an important part of national security and preventing systemic financial risks is a priority for authorities in Shanghai, which is a global financial center. Chen Siqun also stated: We have the responsibility and obligation to actively respond to the risks implied in various financial innovations, take the lead in studying the regulatory issues … unify standards for financial justice and provide suggestions for financial supervision.


The forum paid particular attention to two important topics – the legal attributes and supervision of cryptocurrency and regulations dealing with crimes involving digital assets. Participants noted the increasing activity in the field of blockchain-based virtual currencies in recent years. In China’s judicial practice, this has led to a number of cases of theft, robbery, and extortion of crypto as well as illegal fund-raising and money laundering offenses.


“At present, crimes involving virtual currency mainly include: crimes involving ‘virtual currency’ as the direct object of infringement, investment object, settlement method, and money laundering method, as well as those associated with ‘virtual currency’ transaction activities and initial coin offering activities,” the Shanghai Prosecutor’s Office remarked in its report on the event. A major issue is that various judicial departments in China have a different understanding regarding the legal attributes of the many types of virtual currencies. Some identify them as data, others consider them property. As a result, similar crimes involving cryptocurrencies often receive very different sentences. Cryptocurrency Deemed to Have Property Attributes in China


Yu Haisong, director of the Crime Division at the Research Office of the Supreme People’s Court, pointed out that virtual currency undoubtedly has property attributes, but whether it is property only is yet unclear. He quoted Article 127 of China’s Civil Code which stipulates: “Where the law has provisions on the protection of data and network virtual property, follow those provisions.” He admitted there seems to be no other applicable law at the moment but stressed that having property attributes does not necessarily mean cryptocurrency is property as far as the criminal law is concerned. Mao Lingling


According to Mao Lingling, director of the Financial Regulation and Criminal Governance Research Center and professor at East China University of Political Science and Law, the legal status of cryptocurrency remains undefined and the treatment of crypto-related offenses as property crimes creates controversy.


Virtual currency is a new type of property, she elaborated, involving computer data and can be used in money laundering or illegal fundraising and issuance of securities. In her opinion, if a digital coin has economic attributes, a crime involving the crypto should be treated as a property crime, and if it doesn’t, then it should be dealt with as a computer crime.


Professor Lingling emphasized that the Chinese government has long insisted on strengthening financial supervision and has a “zero tolerance” policy towards acts that endanger national financial security. The development of virtual currencies, especially privately issued coins in unlimited quantities, presents risks that threaten China’s financial security, she warned, adding that relevant departments should pay sufficient attention and further strengthen supervision.


What’s your opinion about the views regarding cryptocurrencies expressed during the seminar in Shanghai? Tell us in the comments section below. SEC Charges Token Listing Website With Unlawfully Touting Crypto Securities REGULATION | 1 hour ago South Korean Regulator Analyzing 578 Cryptocurrencies REGULATION | 10 hours ago Tags in this story attributes, China, Court, Crime, Crimes, Crypto, Cryptocurrencies, Cryptocurrency, Digital Assets, digital coins, experts, Forum, judiciary, Law, Law Enforcement, legal status, Legislation, Money Laundering, offenses, property, prosecutor"s office, Regulations, Scholars, seminar, Shanghai, Status, Virtual Currencies


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Solana Suffers Exploit — Close to 8,000 SOL-Based Wallets Have Been Compromised
Solana Suffers Exploit — Close to 8,000 SOL-Based Wallets Have Been Compromised The Solana smart contract project is suffering from issues once again after it was discovered that
BTC price drops to 1-week low as traders focus on Bitcoin whales, Nvidia
William Suberg8 hours agoBTC price drops to 1-week low as traders focus on Bitcoin whales, NvidiaBitcoin shows signs of strain amid heavy overhead BTC price resistance and overheated funding rates.3801 Total views4 Total
$1 Million per BTC in 10 Years: ‘In Terms of Dollars Bitcoin Is Going to Infinity,’ Says Kraken CEO
$1 Million per BTC in 10 Years: "In Terms of Dollars Bitcoin Is Going to Infinity," Says Kraken CEO While bitcoin prices have been coasting along between $46k to
Mike Novogratz: Everyone Should Put 2% to 3% of Their Net Worth in Bitcoin
Mike Novogratz: Everyone Should Put 2% to 3% of Their Net Worth in Bitcoin Bitcoin bull and Galaxy Digital CEO, Mike Novogratz, says bitcoin is for everyone. He
The IRS Investigation Division Is Requesting Information About Privacy-Centric Cryptocurrencies
The IRS Investigation Division Is Requesting Information About Privacy-Centric CryptocurrenciesThe United States tax agency has published a request for information pertaining to pri
Turner Wright2 hours agoUS lawmakers urge IRS to implement crypto tax reporting requirements before 2026The crypto tax reporting requirements proposed by the IRS in August are currently scheduled to go into effect in 202
Best Crypto to Buy as Solana Shows Technical Strength amid ETF Buzz
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ethereum price rallies above $3.1K after unexpected regulatory victory
Marcel Pechman3 hours agoEthereum price rallies above $3.1K after unexpected regulatory victoryETH price hit $3,100, backed by a favorable court ruling and increased network activity.3182 Total views4 Total sharesListen
Is The Bitcoin Bull Run Over? Fed Chair Powell Just Killed QE Hopes
Este artículo también está disponible en español. In his testimony on Tuesday, Federal Reserve Chair Jerome Powell dampened hopes for another round of quantitative easing
Lebanese Currency Collapse: Failed Policies Led to Economic Meltdown
Lebanese Currency Collapse: Failed Policies Led to Economic MeltdownLebanon is facing an unprecedented economic crisis and the local currency has already lost about 60% of its value
Swiss Bank Seba Now Lets Customers Earn Yield on Crypto Holdings
Swiss Bank Seba Now Lets Customers Earn Yield on Crypto Holdings A FINMA-licensed Swiss bank, Seba, has launched a program enabling clients to earn yield on their crypto holdings.
Former Fed Chair Ben Bernanke Wins Nobel Prize in Economics ‘for Research on Banks and Financial Crises’
Former Fed Chair Ben Bernanke Wins Nobel Prize in Economics "for Research on Banks and Financial Crises" Former Federal Reserve Chairman Ben Bernanke has been awarded a Nobel Prize