{"id":9598,"date":"2021-07-14T11:54:28","date_gmt":"2021-07-14T11:54:28","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/shanghai-law-enforcement-officials-scholars-talk-cryptocurrency\/"},"modified":"2021-07-14T11:54:28","modified_gmt":"2021-07-14T11:54:28","slug":"shanghai-law-enforcement-officials-scholars-talk-cryptocurrency","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/shanghai-law-enforcement-officials-scholars-talk-cryptocurrency\/","title":{"rendered":"Shanghai Law Enforcement Officials, Scholars Talk Cryptocurrency"},"content":{"rendered":"

Representatives of law enforcement agencies and academia in Shanghai held a seminar devoted to cryptocurrencies, regulations, and the combating of crypto-related crime. Determining \u201cthe legal attributes of virtual currency\u201d was among the main topics at the forum which also focused on matters of financial supervision. <\/strong><\/p>\n

Prosecutors and Professors Discuss Crypto Oversight in Shanghai<\/h2>\n

Amid an ongoing crackdown<\/a> on cryptocurrency mining, trading, and other related activities in China, officials from law enforcement bodies, the judiciary, and academic circles in Shanghai gathered recently to talk about \u201cvirtual currency.\u201d The debate focused on issues pertaining to applicable legislation and oversight as well as the challenges of providing a legal definition for cryptocurrencies and the treatment of crimes involving digital assets.<\/p>\n

Source: Shanghai Prosecutor\u2019s office.<\/p>\n

The event was organized by various departments of the Shanghai Prosecutor\u2019s Office, the People\u2019s Court, the legal team of the Shanghai Public Security Bureau, and the Financial Supervision and Criminal Governance Research Center of East China University of Political Science and Law. The Banking and Insurance Financial Crime Research Center under Shanghai\u2019s Prosecutor\u2019s Office took part in the discussions as well that also addressed financial risks associated with decentralized money.<\/p>\n

More than 50 experts and scholars from the city\u2019s public security agencies, judicial authorities, and academia participated in the forum, the Shanghai Prosecutor\u2019s Office announced Monday.<\/p>\n

The seminar was hosted by Wang Jianping, department director at the Shanghai People\u2019s Procuratorate. In opening remarks, Prosecutor General Chen Siqun noted that financial security is an important part of national security and preventing systemic financial risks is a priority for authorities in Shanghai<\/a>, which is a global financial center. Chen Siqun also stated:<\/p>\n

We have the responsibility and obligation to actively respond to the risks implied in various financial innovations, take the lead in studying the regulatory issues \u2026 unify standards for financial justice and provide suggestions for financial supervision.<\/p>\n

The forum paid particular attention to two important topics \u2013 the legal attributes and supervision of cryptocurrency and regulations dealing with crimes involving digital assets. Participants noted the increasing activity in the field of blockchain-based virtual currencies in recent years. In China\u2019s judicial practice, this has led to a number of cases of theft, robbery, and extortion of crypto as well as illegal fund-raising and money laundering offenses.<\/p>\n

\u201cAt present, crimes involving virtual currency mainly include: crimes involving \u2018virtual currency\u2019 as the direct object of infringement, investment object, settlement method, and money laundering method, as well as those associated with \u2018virtual currency\u2019 transaction activities and initial coin offering activities,\u201d the Shanghai Prosecutor\u2019s Office remarked in its report on the event. A major issue is that various judicial departments in China have a different understanding regarding the legal attributes of the many types of virtual currencies. Some identify them as data, others consider them property. As a result, similar crimes involving cryptocurrencies often receive very different sentences.<\/p>\n

<\/p>\n

Cryptocurrency Deemed to Have Property Attributes in China<\/h2>\n

Yu Haisong, director of the Crime Division at the Research Office of the Supreme People\u2019s Court, pointed out that virtual currency undoubtedly has property attributes, but whether it is property only is yet unclear. He quoted Article 127 of China\u2019s Civil Code which stipulates: \u201cWhere the law has provisions on the protection of data and network virtual property, follow those provisions.\u201d He admitted there seems to be no other applicable law at the moment but stressed that having property attributes does not necessarily mean cryptocurrency is property as far as the criminal law is concerned.<\/p>\n

Mao Lingling<\/p>\n

According to Mao Lingling, director of the Financial Regulation and Criminal Governance Research Center and professor at East China University of Political Science and Law, the legal status of cryptocurrency remains undefined and the treatment of crypto-related offenses as property crimes creates controversy.<\/p>\n

Virtual currency is a new type of property, she elaborated, involving computer data and can be used in money laundering or illegal fundraising and issuance of securities. In her opinion, if a digital coin has economic attributes, a crime involving the crypto should be treated as a property crime, and if it doesn\u2019t, then it should be dealt with as a computer crime.<\/p>\n

Professor Lingling emphasized that the Chinese government has long insisted on strengthening financial supervision and has a \u201czero tolerance\u201d policy towards acts that endanger national financial security. The development of virtual currencies, especially privately issued coins in unlimited quantities, presents risks that threaten China\u2019s financial security, she warned, adding that relevant departments should pay sufficient attention and further strengthen supervision.<\/p>\n

What\u2019s your opinion about the views regarding cryptocurrencies expressed during the seminar in Shanghai? Tell us in the comments section below. <\/em><\/strong><\/p>\n

Bitcoin News
\nRegulation, attributes, China, Court, Crime, Crimes, Crypto, Cryptocurrencies, Cryptocurrency, Digital Assets, digital coins, experts, Forum, judiciary, Law, Law Enforcement, legal status, Legislation, Money Laundering, offenses, property, prosecutor’s office, Regulations, Scholars, seminar, Shanghai, Status, Virtual Currencies<\/p>\n","protected":false},"excerpt":{"rendered":"

Representatives of law enforcement agencies and academia in Shanghai held a seminar devoted to cryptocurrencies, regulations, and the combating of crypto-related crime. Determining \u201cthe legal attributes of virtual currency\u201d was among the main topics at the forum which also focused on matters of financial supervision. Prosecutors and Professors Discuss Crypto Oversight in Shanghai Amid an…<\/p>\n","protected":false},"author":0,"featured_media":9599,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9598"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9598"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9598\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9599"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}