China's Supreme Court decides that 'trading cryptocurrencies is illegal financing'

The Chinese government has taken a strict stance on cryptocurrencies and has cracked down on them. The Supreme People's Court, which is equivalent to the Supreme Court, has announced that it will amend the legal interpretation based on the judgment that 'trading of virtual currency is regarded as illegal financing'. The new law will come into effect on March 1, 2022.

Authority Development-The Supreme People's Court of the People's Republic of China

Chinese Supreme Court criminalises crypto transactions
https://coinjournal.net/news/chinas-supreme-court-declares-crypto-transactions-as-illegal-fundraising/

Chinese Supreme Court Threatens Jailtime to Those who Fundraise With Crypto
https://cryptopotato.com/chinese-supreme-court-threatens-jailtime-to-those-who-fundraise-with-crypto/

The announcement was made by the Supreme People's Court of the People's Republic of China in 2010 to revise the contents of the 'Interpretation of the Supreme People's Court on Some Issues Concerning the Specific Application of the Law in the Trial of Illegal Financing Cases'. am.

The announcement partially shows 'what kind of content will be revised', and it is difficult to understand because it does not include what was the content before the revision, but 'Illegal due to virtual currency transactions' In the case of 'financing', the authorities have the authority to prosecute the suspect and apply the necessary penalties.

If you are involved in illegal financing, you will be prosecuted as stipulated in Article 176 of the Penal Code, and if the amount is small, you will be imprisoned for up to 3 years and fined 20,000 yuan (about 365,000 yen) to 200,000. If the amount is large, you will be sentenced to 3 to 10 years in prison and a fine of 50,000 yuan (about 913,000 yen) to 500,000 yuan (about 9.13 million yen).

Specifically, if the procurement amount exceeds 100,000 yuan (about 1.82 million yen), it is considered to be 'large amount', and if it exceeds 500,000 yuan (about 9.13 million yen), 'Others' stipulated in Article 192 of the Criminal Code. It is said that it corresponds to 'the serious circumstances of.'