Shanghai Second Intermediate People's Court: Holding coins and trading coins alone are generally not considered as illegal business activities

BlockBeats News, January 8 — Guided by the China Criminal Law Society and the Shanghai High Court, the Shanghai Second Intermediate People’s Court and the Law School of Renmin University of China jointly hosted a seminar on criminal trials, focusing on the theme “Legal Uniformity in Cases Involving Virtual Currency Crimes.” The discussion content is summarized as follows:

The determination of “subjective knowledge” in virtual currency money laundering crimes should be comprehensively assessed to prevent objective guilt.

Regarding the types of behaviors and the standards for completion in virtual currency money laundering crimes, the key points are: First, accurately grasp the criminal essence of “concealing and disguising the source and nature of criminal proceeds and their gains”; second, behaviors that fulfill the elements of money laundering crime, namely concealing and disguising criminal proceeds and their gains, constitute the completion of the crime; third, strictly crack down on money laundering crimes in accordance with the law to resolutely safeguard national financial security.

In the identification of illegal virtual currency business operations, if the behavior does not exhibit characteristics of business activity and only involves personal holding or trading of coins, it is generally not recognized as illegal business operation. However, if the individual knowingly assists others in illegal buying and selling or disguised trading of foreign exchange, or provides help through currency exchange of virtual currencies, and the circumstances are serious, they should be identified as accomplices of illegal business operations.