Web3 practitioners are most concerned about legal security. The traffic-seeking clown and his project from yesterday have already been blacklisted and blocked.

I have整理了 the official policies and hope everyone gains an objective understanding:

Although it is unrealistic to fully open up, legislation on cryptocurrencies in mainland China is indeed on the way, especially with the passage of the US GENIUS stablecoin regulatory bill and Hong Kong's stablecoin regulatory bill, coupled with the future passage of the CLARITY bill, which is likely to accelerate this process.

This year, the Central Political and Legal Work Conference clearly proposed to conduct legislative research on multiple emerging fields, including virtual currencies. The timeline from research to implementation coincides perfectly with the 14th Five-Year Plan period.

If you pay attention to the major judicial research topics of the Supreme Court in the past two years, you will find that there are related contents on "virtual currency" every year:

The topic for 2024 is "Research on the Disposal of Virtual Currencies Involved in Cases", with participating research groups located in Chongqing, Beijing, and Shenzhen. The 2023 topic is "Research on the Legal Nature and Judicial Protection Path of Virtual Property", with participating research groups located in Guangzhou, Yancheng in Jiangsu, and Chengdu, all key areas in the cryptocurrency sector. Generally, research support is often conducted in the form of related topics before legislation.

The topic for 2024 will only be finalized in the fourth quarter of this year, but the topic for 2023 has already been concluded in December last year.

The Guangzhou Internet Court held a press conference in April this year on "Analysis of Civil Judicial Protection Paths for Network Virtual Property and Typical Cases", releasing the "Research and Analysis Report on the Legal Nature and Civil Judicial Protection Paths of Network Virtual Property" and the "Top Ten Typical Cases of Network Virtual Property Disputes", which basically represent the results of the research.

The report classifies NFTs and cryptocurrencies as network construction-type virtual property, defining it as a type of created object, which includes both data creation and value creation. The value is virtual, possessing characteristics of both property rights and creditor rights, allowing the rights holder to exclusively possess, use, benefit from, or dispose of the virtual property.

The recognition of property rights for cryptocurrencies is a positive development for holders, as it increases their sense of security. However, one should not be overly optimistic; the report still mentions that disputes over the valuation of virtual property in cryptocurrencies can easily lead to financial risks, and it emphasizes the need for collaboration with regulatory authorities to strengthen risk prevention in key areas such as NFT digital collectibles and digital currencies, and to severely crack down on speculative trading and illegal activities.

Additionally, among the typical cases released simultaneously, there is one case concerning the lack of legal protection for cryptocurrency investment and trading activities. This means that while holding cryptocurrencies is allowed and their value is recognized, if there are disputes arising from investment and trading, sorry, the court will not accept it.

This has been the consistent attitude of judicial rulings in recent years. It is highly likely that legislation is moving in this direction: recognizing property rights allows for the legal disposal of confiscated coins while imposing restrictions on investment and trading activities.