First of all, qualitative
Notice of the People's Bank of China, Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission on Preventing Bitcoin Risks.
Release date: 20 13. 12.03
Effective date: 20 13. 12.03.
Timeliness: Currently effective.
Document number: Yinfa [2065438+03] No.289.
The Notice clarifies four main features of Bitcoin:
1. There is no centralized publisher.
2. The total amount is limited.
3, the use is not limited by the region
Step 4 be anonymous
It is further pointed out that although Bitcoin is called "currency", it cannot be regarded as a real currency because it is not issued by the authorities and has no monetary attributes such as legal compensation and coercion. In nature, virtual currency such as bitcoin is a special kind of virtual commodity. As a kind of commodity buying and selling behavior on the Internet, ordinary people have the freedom to participate at their own risk.
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(The copyright of the case belongs to Shenzhen International Arbitration Court (Shenzhen Arbitration Commission))
20 18 Shenzhen international arbitration court (Shenzhen arbitration commission) accepts the real arbitration case of equity transfer contract dispute. This case is a dispute over equity transfer, and it is a new type of case because it involves BTC (Bitcoin), BCH (Bitcoin Cash), BCD (Bitcoin Diamond) and other special types of things.
At present, China has not clearly defined the concept, legal attributes, delivery and circulation of Bitcoin based on blockchain technology at the level of laws and administrative regulations. Under the current legal system, the arbitral tribunal, in accordance with the relevant provisions of the General Principles of the Civil Law and the Contract Law, and the agreement of the parties involved, combined with the principle of good faith and the arbitration concept of respecting the autonomy of the parties, agreed to define the property attributes of Bitcoin, protect it according to law, and properly handle private bitcoin contract disputes.
Third, legal risks.
People's Republic of China (PRC) Anti-Money Laundering Law
Release date: 2006. 10.5438+0
Effective date: 2007.0 1.05438+0
Timeliness: Currently effective.
Document number: Presidential Decree No.56
According to the provisions of the Anti-Money Laundering Law, money laundering refers to money laundering activities that cover up and conceal drug crimes, organized crimes of underworld nature, terrorist crimes, smuggling crimes, corruption and bribery crimes, crimes of disrupting financial management order, financial fraud crimes and other crimes and the sources and nature of their income in various ways.
Because of its anonymity and convenience, Bitcoin and similar online virtual currency and virtual property can easily become criminal tools for money laundering. Therefore, while giving reasonable legal protection to network virtual property, we should also guard against money laundering crimes committed by using network virtual property in practice. For such a criminal technique, there have been cases of judgment in judicial practice, which should be paid attention to.
Case:
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In this case, criminals use the concealment of virtual currency and the ability to support overseas transactions to successfully transfer fraudulent funds to overseas bank accounts, which is difficult for the police to trace. According to the suspect's account, the police investigation and verification found that in less than half a year, they "laundered money" for fraud gangs through digital goods and coins, making a profit of more than 300,000 yuan.
criminal law
Release date: 2017.11.04
Effective date: 2017.11.04.
Timeliness: Currently effective.
Historical revision record: People's Republic of China (PRC) * * * and China Criminal Law [1979.07.06]
Criminal Law of People's Republic of China (PRC) (revised 1997) [1997.03. 14]
Similar illegal and criminal activities were once high, which had a very bad influence on society.
For virtual property such as virtual currency, which may be suspected of pyramid selling, illegally absorbing public deposits, and issuing stocks, companies and corporate bonds without authorization, China's criminal law stipulates the crime of issuing stocks, companies and corporate bonds without authorization in Article 179, the crime of organizing and leading pyramid selling activities in Article 224, and the crime of illegally absorbing public deposits in Article 176 to protect social relations from infringement.
Case:
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Description of the case: The number of participants exceeded 2.69 million, with the largest level of 3,293 floors, and received 31421bitcoin (BCH) and 1 17450 ... with a value exceeding RMB 654.38+0.48 billion. The PlusToken pyramid scheme 165438+ 10/0/9 cracked by Yancheng Public Security Bureau of Jiangsu Province was finally pronounced by Yancheng Intermediate People's Court of Jiangsu Province.
Four. ban
Announcement on preventing the financing risk of token issuance
Release date: 20 17.09.04
Effective date: 20 17.09.04
Timeliness: Currently effective.
Due to a large number of domestic financing activities by issuing tokens, including ICO, speculation is prevalent and it is suspected of engaging in illegal financial activities, which seriously disrupts the economic and financial order.
Therefore, seven ministries and commissions, such as "One Party, Three Meetings", jointly issued a document, reaffirming once again the nature of tokens or "virtual currency" used in token issuance financing: issued by non-monetary authorities, it does not have monetary attributes such as legal compensation and compulsion, it does not have the same legal status as currency, and it cannot and should not be circulated in the market as currency.
At the same time, the financing activities of token issuance are prohibited: no organization or individual may illegally engage in the financing activities of token issuance. It also requires relevant departments to seriously investigate and deal with illegal activities in non-stop token issuance financing activities and completed token issuance financing activities.
Seven ministries and commissions issued this document mainly because there are multiple risks in token issuance financing and trading, including false asset risk, business failure risk, investment speculation risk and so on. It is easy to trigger group financial events and endanger the stability of financial markets, so it is prohibited.
However, this does not mean that the protection of network virtual property is invalid. As far as the legal status of virtual currency as virtual property is concerned, it is still in accordance with the provisions of the General Principles of Civil Law, that is, "the law has provisions on the protection of data and network virtual property, in accordance with its provisions."
Case 1 (token issuance prohibited): /s? id= 1679040603930256593。 Spider & amp Force Lieutenant
r=pc
During March of 20 17 1 1 8, the defendants Hao Lingling, Yang Fanghuo (both appellants of second instance), Cui Mou and others violated the national financial management regulations, and passed the meeting, training and training in the name of Tianyi Jiahe Film and Television Media Co., Ltd. (hereinafter referred to as Tianyi Jiahe Company).
During this period, the defendant Hao Lingling attended the lecture of LCC Coin Promotion Conference as the executive director of Hong Kong Group, and the defendant Yang Fang attended the LCC Coin Investment Promotion Conference in the names of "Yang Shunkun" and "Yang Mingxin", the executive directors of Tianyi Jiahe Company. , promote and publicize LCC coins to the public, and provide some investors with bank accounts so that they can collect and buy LCC coins on their behalf.
2065438+In March 2008, many investors found that the LCC currency trading website could not log in and report the transaction. According to statistics, among more than 700 fund-raising participants who reported the case, 85 people provided transfer records (some of them were collective informants), and the total investment involved was 228426265438 yuan +0.25 yuan. At the same time, the gang converted LCC coins into virtual currency of Plato PTO jewelry blockchain to continue to attract investment.
Case 2 (the legal status of virtual currency as virtual property is still affirmed):
/media/652 152
On August 24th, 20 18, Plaintiff Ge signed an agreement with Defendant, stipulating that Plaintiff would purchase digital currency Investment Defendant on the trading platform of an exchange in his own name. The investment agreement expired on September 28th, 20 18, and the defendant paid the plaintiff's principal and income on the expiration date. The plaintiff should remit the digital currency purchased in RMB to the defendant's platform account before September 8, 2065438+2008, and the defendant also provided the internal transfer address.
On September 7th, 20 18, plaintiff Ge transferred RMB 6,000 to the account provided in the agreement. On September 8th, 20 18, plaintiff Ge transferred 1 BTC to the wallet address provided in the agreement. After the expiration, the defendant failed to pay the original 1 BTC and 6000 USDT and related income in time. On October 8, 20 18/kloc-0, the defendant issued an iou to the plaintiff ge, claiming that he owed ge RMB one hundred and thirty thousand yuan only (130000.00), and guaranteed that it would be paid on October 201654381.
Since then, the defendant Wang Zhibing has transferred 9 transactions to the plaintiff Alipay, totaling 4 150 yuan, and the remaining amount has not been repaid.