Written by: Martin

Recently, the Shanghai Second Intermediate People's Court, in collaboration with relevant units, held a seminar on cases involving virtual currency crimes, reaching an important consensus on the legal characterization of behaviors related to virtual currencies. The conclusion that "individual holding and trading of coins is generally not recognized as illegal business operations" provides clear guidance for judicial practice and market behavior.

Through the analysis of typical cases, the seminar clarified the core boundaries between crime and non-crime. For instance, in a case where an individual named Li bought and sold virtual currencies at low and high prices through domestic and foreign platforms, earning a price difference of tens of millions, the court determined that if his actions were merely personal arbitrage and did not provide operational services to the public, it would not constitute illegal business operations. This determination emphasizes that the establishment of illegal business operations must strictly grasp the characteristics of "operational behavior," considering key factors such as whether the purpose is for profit and whether services are continuously provided to unspecified parties.

At the same time, the seminar also delineated legal red lines: if one knowingly assists others in illegally buying and selling foreign exchange through virtual currency exchanges, and the circumstances are serious, it will be recognized as an accomplice to illegal business operations; while providing foreign exchange services to unspecified clients using virtual currency as a medium and charging fees is essentially an illegal "underground bank" activity, which should be subject to criminal liability according to the law.

The conclusions of this seminar reflect judicial prudence, avoiding excessive criminal intervention in normal investment and arbitrage activities of individuals, while precisely targeting illegal activities that use virtual currencies to disrupt financial order. It should be noted that virtual currencies do not have the status of legal tender, and related transactions carry civil risks; investors must still bear the losses from transactions themselves. The refined definition of behaviors related to virtual currencies by judicial authorities delineates the boundaries of actions for market participants and promotes the legal uniformity of cases involving virtual currencies.

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