Under current regulations, virtual assets have economic properties and can be classified as legally protected property. A similar conclusion is contained in the report of the People’s Court of China, writes ODaily.
Such structures in the country consider criminal, civil and administrative cases, as well as economic disputes. They are independent of executive authorities and public organizations.
The authors of the document analyzed aspects of criminal law in relation to digital assets.
Experts have proposed measures to combat crimes in the field of cryptocurrencies. They stressed the need to unify criminal and civil law due to the complexities of asset confiscation. Such cases should be considered separately to achieve a balanced protection of personal property rights and public interests, the experts explained.
Since 2017, trading in bitcoin and other cryptocurrencies on local exchanges has been outlawed in China. Later, the authorities only tightened control over industry participants.
Despite this, the courts took the opposite position, recognizing digital assets as property under the protection of the law.
Recall that China accounted for a fifth of Binance’s trading volume in May 2023, according to The Wall Street Journal.
Earlier in Hong Kong, it was proposed to link local crypto exchanges with China.
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