China’s top legal authorities are stepping up research on crypto-related legal cases even as the country enforces a strict ban on cryptocurrency trading and mining on the mainland.
A recent seminar in Beijing brought together judges, prosecutors, academics, and industry representatives to explore new legal approaches for handling virtual currency cases.
Legal Seminar Charts Future of Crypto Regulation
On Sunday, a seminar was held in Beijing where representatives from the Supreme People’s Court, various judiciary bodies, and leading universities discussed the legal treatment of cryptocurrencies.
According to court records, the meeting included prominent figures such as Zhai Chao, deputy director of the Third Criminal Tribunal of the Supreme People’s Court, and Judge Chen Xinwang, who guided emerging challenges.
The session also featured key academic voices including Yang Dong and Cheng Lei from Renmin University of China, and Zhao Binghao from the China University of Political Science and Law.
Who Attended the Seminar?
The event was attended by legal professionals from multiple sectors. Kan Lin, a prosecutor from the Sixth Procuratorate of the Supreme People’s Procuratorate, and representatives from the Ministry of Public Security, such as Le Gang and Li Bin, were among those who shared their views.
Enterprise representatives from institutions like the Beijing Equity Exchange also contributed to the discussion.
Courts and Experts Collaborate on Crypto Cases
Xue Chunjiang, Party Secretary, President, and Project Host of Beijing No. 3 Intermediate People’s Court, expressed his gratitude to the experts present and discussed the court’s work on virtual currency cases.
He highlighted that Beijing No. 3 Intermediate People’s Court has already handled several crypto cases over the past few years. By developing typical cases and clarifying legal rules, the court aims to create a solid foundation for addressing future disputes involving virtual currencies.
He explained that the research is not only focused on resolving legal cases involving digital currencies but is also a significant step toward building a comprehensive domestic regulatory framework for virtual currencies.
Yang Dong emphasized that this work is critical to national financial security and the overall stability of the financial system.
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Focus on Practical Solutions
During the discussion session, participants shared insights based on their professional experience. They debated the structure of the research and future directions, offering opinions on how best to address the practical challenges posed by virtual currencies.
Zhai Chao praised the seminar as innovative and efficient. He suggested that the research team should concentrate on highlighting the unique aspects of crypto cases and ensure that their findings meet the needs of real-world applications.
Looking ahead, the research team from the Third Intermediate People’s Court plans to work closely with experts like Professor Yang Dong.
Their goal is to focus on the pain points and bottlenecks in current legal practices and propose solutions that help regulate virtual currencies more effectively.
New Forex Rules and Legal Clarifications
In parallel with these judicial efforts, China is also set to introduce new foreign exchange laws that affect the crypto sector. A report from the South China Morning Post on December 31st noted that foreign exchange regulators are moving to require banks to flag risky trades, including those related to cryptocurrencies.
Additionally, the Shanghai Songjiang People’s Court has clarified that while business activities related to cryptocurrencies remain banned, individuals are legally allowed to own them.
China’s active approach to studying and regulating crypto-related legal issues reflects its determination to enforce existing bans while preparing for future challenges.
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