On June 18, 2025, the Supreme People's Court published an important article in the People's Court Daily, which clearly recognized for the first time that virtual currency has property attributes. This statement is regarded as a historic turning point in China's virtual currency regulatory policy, injecting a shot in the arm for the development of the industry.
1. The court has made the final decision: virtual currency is property
The article clearly points out that virtual currency has three major characteristics:
1. Disposability - users can actually control and use it
2. Controllability - can be managed through private keys
3. Exchangeability - can be circulated and traded in the market
This means that in the future, disputes involving virtual currencies, such as theft, fraud, and divorce property division, will all have laws to follow. A Beijing court recently ruled on a divorce case in which the couple's Bitcoins were recognized as common property for division, becoming the first typical case.
2. Major changes in regulatory attitude
Looking back at the one-size-fits-all clearance during the "924 Notice" in 2021, the current policy is completely different:
- 2021-2023: Complete ban, closure of exchanges, and suspension of mining
- Starting from 2024: Try classified management and conduct pilot projects
- Future direction: Establish a sound regulatory system to prevent risks and promote development
3. The four major legalization paths are becoming clearer
1. There is a basis for the lawsuit
In the future, virtual currency disputes can be directly brought to court, and the Supreme Court is preparing to issue special guidelines. Some courts have already begun to accept new types of cases such as wallet inheritance and asset freezing.
2. Pilot cities should implement the policy first
Hainan is carrying out the registration of property rights of digital collectibles (NFT), and Qianhai is testing cross-border stablecoin payments. It is expected that more cities will join the pilot program before the end of the year.
3. Manage by financial product
In the future, buying virtual currencies may have to set investment thresholds like stocks. Ordinary investors may only be able to buy a maximum of 50,000 yuan per year.
4. Technical standards should be unified
The country is formulating custody regulations, focusing on solving technical problems such as how to store private keys and how to use multi-signatures, and it is expected to be released next year.
4. The industry must transform
The previous "cutting leeks" model no longer works. Now we need to:
- Be honest and comply with regulations, and file what needs to be filed
- Develop technical products that meet regulatory requirements
- Develop truly valuable projects, not just air coins
5. What will happen in the future?
In the short term, there will be more interactions between the digital RMB and virtual currencies;
In the medium term, special digital asset management measures may be introduced;
In the long run, China needs to establish its own regulatory system and align it with international standards.
Summarize
The court's statement is not the end, but a new starting point. The virtual currency industry is finally saying goodbye to the "gray area", but if it wants to develop in the long run, it must embrace supervision and operate in compliance.