Lawyers, representatives of law enforcement agencies, and the PRC judicial system held a seminar on cryptocurrencies. This was reported by the Shanghai Prosecutor's Office.
The topic of the forum was the attributes inherent in digital currencies and market surveillance. At the event, a draft law was presented that defines their types, legal status, cost calculation, and corresponding regulation.
The author of the document was the representative of the Prosecutor's Office Hu Chunjian. He noted that there have already been cases of criminal and financial crimes related to cryptocurrencies in judicial practice. According to him, the courts identify these assets in different ways: some define them as information data, others as property.
Yu Haisun, director of the Criminal Division of the Investigation Department of the Supreme Court of the PRC, admitted that cryptocurrencies have property attributes, but the department has not yet determined whether they fit this category.
Trending: Smart Contracts Audits Startup Hexens Closed $4.2 M Seed Funding
According to the press release, China's law enforcement agencies divide digital currency crimes into direct and indirect. In the first case, the cryptocurrency is directly the object of violation. In the second, they are associated with investing, settlements, and money laundering, as well as ICO.
According to Mao Lingling, an expert at the East China University of Political Science and Law, the legal status of cryptocurrencies remains uncertain, and digital assets may have different attributes.
“When it comes to digital currency with economic attributes, the crime should be considered property. Without economic trappings - in data crime cases,” she said.
Trending: Finder: Bitcoin could hit $80,000 by 2025
Lingling stressed that China insists on a zero-tolerance policy for instruments that threaten national financial security. According to the expert, the latter include digital currencies issued by private companies, so the authorized agencies should strengthen supervision in this area.