#密码资产动态追踪 Shanghai Second Intermediate People's Court Releases New Definition of Virtual Currency Crime Cases: Personal Cryptocurrency Trading Generally Not Illegal

The Shanghai Second Intermediate People's Court recently held a seminar to clarify important consensus on the legal characterization of behaviors related to virtual currencies. One key conclusion has gone viral: personal holding and trading of cryptocurrencies are generally not recognized as illegal business operations.

How to understand this? The court provided specific cases. Li traded virtual currencies on domestic and overseas platforms, buying low and selling high, earning millions in profit. The court's ruling was—this is merely personal arbitrage behavior, and since it does not provide commercial services to the public, it does not constitute illegal business operation.

However, there is an important boundary here. The establishment of illegal business operation charges depends on three points: Is there a profit motive? Is there continuous provision of services to unspecified individuals? Is there organization involved? As long as these characteristics are not obvious, individual transactions are difficult to be convicted.

But the law also draws a red line. If you knowingly assist others in illegal foreign exchange transactions through virtual currency exchanges, and the circumstances are serious, you can be identified as an accomplice. Another situation to be cautious of: using virtual currency as a medium to provide currency exchange services to unspecified clients and charging fees—this is essentially an illegal "underground bank" and should be prosecuted.

This refined judicial delineation not only protects normal trading space for ordinary investors but also precisely targets illegal activities that use virtual currencies to disrupt financial order. But a reminder: virtual currencies are not legal tender, and trading involves civil risks; losses are to be borne by oneself. This set of standards established by judicial authorities provides a clear behavioral norm for the market.