As someone who has closely followed the volatile and intriguing world of cryptocurrencies for years, I find Judge Sun Jie’s recent clarification to be both enlightening and expected. Coming from China, where the regulatory landscape for digital assets has been as unpredictable as a Bitcoin price swing, this opinion provides much-needed legal clarity.
According to a report by the South China Morning Post, Judge Sun Jie, writing for the Shanghai High People’s Court’s official WeChat account, clarified that it is allowable for individuals to own cryptocurrencies. However, he stressed that corporations or business entities are not permitted to invest in or issue cryptocurrencies without obtaining proper authorization first.
The clarification arose from examining a case where two corporations had disagreements over an Initial Coin Offering (ICO), which is deemed unlawful funding in China. Judge Sun highlighted that cryptocurrencies, being digital assets with characteristics of property, are legally acceptable for individual possession. However, he warned that business operations related to cryptocurrencies could potentially disrupt the economic and financial structure or serve as a tool for illicit transactions, thereby necessitating strict regulations against speculative trading activities.
China’s approach towards cryptocurrencies has been firm. In 2017, Beijing outlawed Initial Coin Offerings (ICOs) and closed down crypto exchanges. The clampdown became more severe in 2021 with a prohibition on Bitcoin mining and a decree stating that activities related to cryptocurrencies were unlawful.
This court ruling offers clear, unequivocal legal guidance regarding cryptocurrencies for individual owners in China. It validates their ability to possess digital assets, but at the same time emphasizes that corporations are not authorized to engage in the crypto industry without proper approval.
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2024-11-22 12:10