China Holds Seminar on Legal Treatment of Cryptocurrencies Amid Ban
China's lawmakers are reassessing their approach to cryptocurrency, despite maintaining a nationwide ban since September 2021. A recent seminar in Beijing gathered legal and academic experts to discuss the management of crypto-related legal cases.
Key Points from the Seminar
- Yang Dong, a law professor, emphasized the importance of clarity in handling crypto-related cases for national financial security.
- The need for improved collaboration between judicial and regulatory bodies was highlighted.
- No specific recommendations were provided regarding potential legal measures.
- The urgency for redefining China's judicial stance on cryptocurrencies was reiterated.
Although the ban remains active, illicit crypto activities continue as traders use alternative channels. This ongoing situation raises questions about the need for legal clarity or a possible lift of the ban.
Global Impact of China’s Crypto Policies
- The 2021 ban has shifted crypto activities from mainland China to more favorable regions like Hong Kong.
- Hong Kong is positioning itself as a global digital asset hub by welcoming crypto firms.
- The departure of digital assets from China has affected global trading volumes and regulatory frameworks.