Chinese crypto owners just got a huge break following a new court ruling that states that holding crypto is not illegal.
A judge at a Shanghai court has clarified that individual ownership of cryptocurrencies does not break any Chinese law.
Chinese Court: Crypto Can Be Owned, But Trading Is Banned
The news offers a breath of fresh air to crypto owners in mainland China. Judge Sun Jie of the Shanghai Songjiang People’s Court affirmed that individuals can legally own crypto as property. Chinese law recognizes crypto as a virtual commodity with attributes of property.
However, Chinese rules do not allow individuals to participate in trading or initial coin offerings (ICOs). The judge warned that speculative trading and token-related activities can lead to illegal transactions and disrupt the economy.
JUST IN:
Chinese court says that #Bitcoin and crypto are property, so holding them is legal. pic.twitter.com/CaUPzpW48U
— Bitcoin Magazine (@BitcoinMagazine) November 21, 2024
Judge Sun wrote in her statement, “Although it is not illegal for individuals to simply hold virtual currency, commercial entities cannot participate in virtual currency investment transactions or even issue tokens on their own.”
Sharing some of the dangers of crypto activities, the judge warned: “Virtual currency trading speculation activities such as Bitcoin will not only disrupt the economic and financial order but also may become a payment and settlement tool for illegal and criminal activities, breeding money laundering, illegal fund-raising, fraud, pyramid schemes, and other illegal and criminal activities.”
China bends the knee, as predicted. Nobody is bigger than Bitcoin. Everything goes to zero against Bitcoin. Bitcoin is the God communist China will be praying to forever. https://t.co/qlv4u2CTkT
— Max Keiser (@maxkeiser) November 21, 2024
China Still has Tough Stance on Crypto?
China has maintained a tough stance on crypto-related business activities for years. In 2017, Beijing banned ICOs and shut down local crypto exchanges. The crackdown escalated in 2021 with a nationwide ban on Bitcoin mining and the declaration that all cryptocurrency-related businesses were illegal.
While local courts have previously ruled that cryptocurrencies should be treated as property, China’s broader legal and regulatory framework remains highly restrictive.
You’re completely lost if at this point you don’t realize this is pure market manipulation.
China bans #bitcoin, AGAIN.(click image) pic.twitter.com/ZbiE6OdYXU
— Or Weinberger (@orweinberger) May 21, 2021
Beijing still holds a tight grip on crypto activities. Several Chinese lawmakers and experts have urged the government to reconsider its stance on digital assets. Notably, Zhu Guangyao, China’s former finance vice-minister, claimed the nation could fall behind rivals like the U.S. if it continues its tight-hand approach.
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This articles is written by : Fady Askharoun Samy Askharoun
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