Life should return to life, let the coins stay in the wallet, and let compliance stay in consciousness.
Written by: Deng Xiaoyu, Li Haojun
Introduction
Recently, Trip.com officially launched its stablecoin payment feature. Web3 digital nomads exclaimed: "Finally, I can turn my USDT into real travel and accommodation!"
I believe that practitioners in mainland China are far more excited about this "application landing" than using USDT cards. Lawyer Deng Xiaoyu, as a Trip.com member, feels gratified by this payment implementation but believes it is necessary to remind digital nomads to pay attention to compliance during the process and help support the growth of bold and innovative enterprises.
Why does Trip.com’s support for U payments cause such a stir? Beyond the so-called "payment freedom," there is actually a very shrewd economic calculation behind it.
First, there is the "natural discount" brought by exchange rate differences. In the OTC market for stablecoins, the exchange rate of USDT often experiences "inversion" or premium fluctuations compared to the official bank foreign exchange rates. By obtaining cheap stablecoins through specific OTC channels and offsetting them at the dollar equivalent, users can often secure high-end travel and accommodation at prices 5%-10% below market rates.
Secondly, it avoids the "fees" and "limits" of cross-border payments. Traditional credit card cross-border consumption not only faces a 1.5%-3% currency conversion fee but is also subject to an annual foreign exchange limit of $50,000. Using stablecoin payments not only achieves the "physical exit" of assets but also bypasses the layers of compliance checks in the banking system. For Web3 practitioners or high-net-worth individuals holding large amounts of U, this is not just consumption but a metaphor for the liquidity of assets.
However, these so-called "arbitrage opportunities" and "payment advantages" are seen as a tempting target by regulatory authorities, which will inevitably attract scrutiny. Therefore, personal users, before clicking "confirm payment," must read this criminal risk avoidance guide tailored for different scenarios.
Scenario 1: Purely Personal Consumption
If the USDT you hold is legally sourced (such as from early mining or investments from legitimate exchanges) and is only for booking a hotel or buying a ticket for your own overseas travel, this falls under "personal consumption."
Although this behavior seems harmless, from the perspective of China's foreign exchange regulation, its logical chain is "RMB - virtual currency - foreign currency - travel and accommodation." This essentially constitutes a "counter-trade" of domestic and foreign funds, achieving a disguised exchange of RMB for foreign currency.
While small, occasional personal use behaviors are usually not prosecuted as criminal offenses in judicial practice, they still fall under the category of violating foreign exchange regulations at the administrative level. Once the amount accumulates significantly, the fines from the foreign exchange bureau could far exceed your hotel costs.
Another real risk lies in the "toxicity" of the source of funds.
The core pain point of Web3 payments is that it is difficult to ensure that the U you hold is absolutely clean. If you purchase USDT through an OTC channel and the other party's funds are involved in scams, gambling, or other illegal activities, the U you pay to the platform is "black U." Law enforcement will trace the USDT's transaction history, and once the payment behavior is locked, you may not only be unable to check into the hotel, but all your bank cards, WeChat, and Alipay accounts could face "full freezing."
In a criminal investigation, proving "I was just trying to book a room" is far more difficult and time-consuming than one might imagine.
Scenario 2: Booking for Others and Making a Profit
If you find that there are exchange rate differences or discounts when using stablecoin payments and take this opportunity to post on social media, helping others book hotels or flights for a fee in RMB, the nature of your actions fundamentally changes. Once your behavior becomes repetitive and profit-driven, it is no longer consumption but "business activity."
According to the "Interpretation on Several Issues Concerning the Application of Law in Criminal Cases of Illegal Engagement in Fund Payment Settlement Business and Illegal Foreign Exchange Transactions" by the Supreme People's Court and the Supreme People's Procuratorate, engaging in illegal fund payment settlement business or illegal foreign exchange transactions, with illegal operating amounts exceeding 5 million yuan or illegal gains exceeding 100,000 yuan, constitutes the crime of illegal business operations.
You may think you are taking advantage of the platform, but from the regulatory perspective, you are essentially using virtual currency as a medium to illegally operate an underground bank. This kind of "professional booking" behavior directly collides with criminal prosecution.
Moreover, "price inversion" often implies "original sin." If you can provide USDT booking services at prices far below market rates, judicial authorities will presume that you subjectively know the source of the U is abnormal. In this case, every booking fee you collect could be deemed as assisting illegal activities in "cashing out."
At this point, you are facing not only illegal business operations but also potential charges of concealing or disguising criminal proceeds or aiding and abetting crimes. The cost of such criminal risks is certainly not something that a small booking commission can cover.
How to be a "compliant traveler" in the Web3 wave?
Technological advancements bring convenience, but the "long arm" of the law always pays attention to the safety of cross-border capital flows. To ensure that Web3 players enjoy the benefits of technology without getting into trouble, lawyer Mankun offers the following advice:
- For players engaging in personal consumption, it is essential to adhere to the principle of "de-financialization."
The names on the payment account, Trip.com order, and actual guest must remain highly consistent. Do not try to save trouble by paying on behalf of a "friend," as this mismatch of identity is difficult to explain in judicial investigations. Additionally, you must retain complete evidence of "funds' cleanliness."
If the stablecoins you pay with were purchased through real-name verification at a compliant exchange, be sure to save screenshots of the transaction records from that year. In case your bank card is frozen or you are involved in a criminal inquiry, this will be your key safeguard against proving subjective knowledge of criminal intent.
Furthermore, the hotel receipt and flight boarding pass after checking in are also indispensable evidence, as they can prove that your payment behavior has a genuine consumption background rather than being an illegal exchange of fictitious transactions.
- For those looking to profit from exchange rate differences, our only advice is: stop immediately.
Publicly posting "U booking" advertisements on domestic social media platforms not only easily triggers the crime of illegal business operations but also makes you a "money laundering accomplice" for illegal funds. Do not accept any RMB from strangers to help them pay U to the platform, as you never know how many victims' tears are hidden behind that RMB.
Remember, cheap U often comes with heavy criminal costs. Never attempt to "cash out" black U into clean legal currency through "refunds."
Platforms like Trip.com have strong anti-money laundering systems, and if such behavior triggers an alert, your Web3 assets and domestic bank cards will be mutually blocked, and you may even be placed on an international anti-money laundering blacklist.
Conclusion
The dream of Web3 digital nomads is beautiful: booking a flight to London with stablecoins by the pool in Chiang Mai, ready to travel at any time. Trip.com’s support for U payments indeed brings us a significant step closer to this "payment freedom."
However, as lawyers, we have seen too many tragedies where families had their bank cards frozen due to a desire for a small exchange rate discount. The cost of this "smoothness" is often the deep night inquiries where you cannot prove your innocence.
We do not recommend that you completely collide Web3 assets with real-life assets, nor do we suggest that you take on heavy criminal clouds just to help a friend with a "convenient booking." Life should return to life, let the coins stay in the wallet, and let compliance stay in consciousness.
After all, all travels must eventually return home safely, and that flight ticket is only truly effective when you do.
Do not let a "smooth" payment turn into a long criminal game.
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