Breaking news from China! The Supreme People's Court issued a judicial announcement on "virtual currency"...

The Supreme People's Court of China announced on its official WeChat account on August 23 that it has identified major judicial research topics for 2024 based on extensive solicitation of opinions and full argumentation, and issued a bidding announcement for major judicial research topics in 2024. Key funding topics include cases involving Research on virtual currency disposal issues, research on judicial issues involving the digital economy, research on judicial responses to disputes involving artificial intelligence, etc.

It is reported that the project management unit will provide research funding support to the winning project team, including 150,000 yuan for each special funding project, 50,000 yuan for each key funding project, and 30,000 yuan for each youth project.

Regarding the research period, each research group shall complete the research within one year from the date of receipt of the project approval notice from the Supreme People's Court. If extension is required under special circumstances, approval must be obtained.

The Supreme People's Court will combine the research plans of each research group, the actual needs of the research results, etc., and propose a specific deadline for the completion of the project when notifying the project.

Previously, according to the official WeChat account of the Supreme People's Procuratorate, on the morning of August 19, the Supreme People's Court and the Supreme People's Procuratorate jointly held a press conference to issue the "Interpretation on Several Issues Concerning the Application of Laws in Handling Criminal Cases of Money Laundering." The "Interpretation" will come into effect on August 20, 2024. Among them, the "Interpretation" lists "virtual asset" transactions as one of the methods of money laundering.

The "Two Highs" have made it clear that the transfer and conversion of criminal proceeds and their proceeds through "virtual asset" transactions and financial asset exchanges can be determined as "other means" as stipulated in Article 191, Paragraph 1, Item 5 of the Criminal Law. Cover up and conceal the proceeds of crime and the source and nature of the proceeds”.

The "Interpretation" has 13 articles in total, and its main contents include: First, it clarifies the identification standards for the crimes of "self-laundering" and "money laundering by others", as well as the review and identification standards for the subjective understanding of the crime of "money laundering by others". The second is to clarify the criteria for determining the “serious circumstances” of money laundering crimes. The third is to clarify seven specific situations in which "other methods are used to conceal or conceal criminal proceeds and the source and nature of the proceeds." The fourth is to clarify the principle of concurrent punishment for the crime of money laundering and the crime of covering up, concealing criminal proceeds, and proceeds of crime. Fifth, clarify the amount of fines. Sixth, clarify the standards for lenient punishment.

The "Interpretation" clarifies that the amount of money laundering is more than 5 million yuan, and the money laundering behavior has been carried out multiple times; the refusal to cooperate with the recovery of property and property has resulted in the recovery of the stolen money and property; causing a loss of more than 2.5 million yuan; or causing other serious consequences. Any one of them shall be deemed as "serious".

The "Interpretation" lists "virtual asset" transactions as one of the methods of money laundering. It is clear that the transfer and conversion of criminal proceeds and proceeds through "virtual asset" transactions and financial asset exchange can be deemed as "concealing or concealing crimes in other ways" as stipulated in Article 191, Paragraph 1, Item 5 of the Criminal Law. the source and nature of the income and proceeds”.

China Economic Daily published an article on Tuesday titled "Strictly Prevent Virtual Assets from Turning into Money Laundering Tools." The article stated that current new technologies and new business formats such as virtual assets are constantly being updated and iterated, showing a state of overlap with traditional upstream crimes such as telecommunications network fraud, online gambling, and underground banks. .

In order to cover up and conceal money laundering activities, criminals continue to invent new methods to hide money laundering activities in online transactions. Among them, virtual currency, game currency, "benchmark platform", live streaming rewards, etc. have become new money laundering carriers and methods, which have the characteristics of networking and chaining, and are highly concealed and deceptive.

Once the legal net is tight, it must be strictly enforced. Punishing criminal money laundering activities in accordance with the law requires all parties to strengthen coordination and cooperation to form a joint force in combating. Public security, law enforcement, financial supervision and other departments must strengthen coordination and continuously improve the law enforcement and judicial cooperation mechanism. The general public should be more vigilant, recognize the nature of new money laundering crimes, and never fall into money laundering traps for petty profits.