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Chinese prosecutors and law enforcement officials receive crypto training

Thu 15 Jul 2021 ▪ 17h05 ▪ 3 min read — by Greg Hansen

Shanghai law enforcement representatives held a cryptocurrency-themed seminar, devoted to discussing regulation and how to combat crypto-related crime. “The legal attributes of virtual currency” was among the key topics in focus during the seminar.

City buildings at night

Prosecutors discuss crypto oversight

More than 50 law enforcement representatives and prosecutors have participated in the forum, which department director at the Shanghai People’s Procuratorate, Wang Jianping, hosted.

In his opening remarks, prosecutor general Chen Siqun stressed that financial security and national security go hand in hand, and preventing systemic financial risks is a priority for authorities in Shanghai.

During the seminar, participants noted the rising popularity of digital currencies as well as crypto-related criminal activity. China’s judicial practice has seen quite a few cases of theft, robbery and extortion of digital assets. Money laundering via crypto has also become a problem in recent years.

Source: Shanghai Prosecutor’s office

Disorganised approach

One of the key issues the country’s law enforcement has to deal with is how different various judicial departments understand the term digital assets. Some consider them data, others identify them as property. This results in different sentences for the same crimes in different regions of the country.

Yu Haisong, director of the Crime Division at the Research Office of the Supreme People’s Court, points out that while digital assets do have all the attributes of property, it remains unclear whether it can be considered as property in the legal sense.

Mao Lingling, director of the Financial Regulation and Criminal Governance Research Center and professor at East China University of Political Science and Law, notes that the legal status of cryptocurrency remains undefined and the treatment of crypto-related offenses as property crimes creates controversy.

Chinese law enforcement officials convened to discuss how to best tackle crypto-related crime and study the regulatory issues surrounding the digital asset market.

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Greg Hansen avatar
Greg Hansen

Belgium native who has a passion for writing. Since 2015 I have understood that the blockchain will radically change our lives, and I absolutely want to share my findings with you!

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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