The investment transaction of virtual currency is not protected by law, and investors should remain sober and rational. Virtual currency is not issued by monetary authorities, has no monetary attributes such as compensation and compulsion, has no legal status equivalent to currency, and cannot be used as currency in the market. As everyone who is engaged in virtual currency business knows, people who are most afraid of receiving black money when they hang orders online. Once they receive black money, if the upstream crime is caught, the accounts receiving black money may be frozen by the public security, and even the businesses selling virtual currency may be detained or even arrested. No matter which trading platform, as long as OTC or OTC transactions are involved, there is a risk of frozen cards.
For most over-the-counter traders, they should be fully aware of the risks of over-the-counter trading, and they should not be greedy and cheap to trade unidentified coins. In the case of freezing accounts, as long as the seller of virtual money and the criminals who commit crimes really have no conspiracy, but simply sell money, there will be no criminal responsibility. It is necessary for the seller to provide transaction records and bank water to explain the situation to the public security organs. We should pay attention to one situation, that is, the public security may treat the money as stolen money and return it to the victim, and our virtual money has been given to the criminals. In this case, it is very difficult for the seller.
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Legal basis:
Notice on Further Preventing and Handling the Risk of Speculation in Virtual Currency Trading
First, clarify the essential attributes of virtual currency and related business activities.
(1) Virtual currency does not have the same legal status as legal tender. Virtual currencies, such as Bitcoin, Ethereum and Teda, have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed accounts or similar technologies, and existing in digital form. They have no legal compensation and should not and cannot be used as currencies in the market.
(2) Virtual currency-related business activities are illegal financial activities. Virtual currency-related business activities such as legal tender and virtual currency exchange business, virtual currency exchange business, buying and selling virtual currency as a central counterparty, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and virtual currency derivatives trading are all strictly prohibited, and illegal financial activities such as illegally selling token tickets, publicly issuing securities without authorization, illegally operating futures business, and illegally raising funds are resolutely banned according to law. If carrying out related illegal financial activities constitutes a crime, criminal responsibility shall be investigated according to law.
(3) It is also an illegal financial activity for overseas virtual currency exchanges to provide services to residents in China through the Internet. Domestic staff of relevant overseas virtual currency exchanges, as well as legal persons, unincorporated organizations and natural persons who know or should know that they are engaged in virtual currency-related businesses and still provide them with services such as marketing promotion, payment and settlement, and technical support, shall be investigated for relevant responsibilities according to law.
(4) There are legal risks in participating in virtual currency investment and trading activities. If any legal person, unincorporated organization or natural person invests in virtual currency and related derivatives, which violates public order and good customs, the relevant civil legal acts shall be invalid, and the losses arising therefrom shall be borne by itself; Suspected of undermining financial order and endangering financial security, the relevant departments shall investigate and deal with it according to law.
Two, establish and improve the working mechanism to deal with the risk of speculation in virtual currency transactions.
(5) Department coordination. The People's Bank of China will establish a work coordination mechanism with the Central Network Information Office, the Supreme People's Court, the Supreme People's Procuratorate, Ministry of Industry and Information Technology, Ministry of Public Security, General Administration of Market Supervision, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, Foreign Exchange Bureau and other departments to jointly solve major problems in the work, and urge and guide all regions to carry out their work according to unified arrangements.
(6) Strengthen territorial implementation. The people's governments at the provincial level shall take the overall responsibility for preventing and handling the risks related to the speculation in virtual currency transactions within their respective administrative areas, with the local financial supervision departments taking the lead and the branches of the State Council financial management departments as well as the departments of network information, telecommunications, public security, market supervision, etc., to establish a normalized working mechanism, mobilize resources as a whole, actively prevent and properly handle the problems related to the speculation in virtual currency transactions, and maintain economic and financial order and social harmony and stability.
Third, strengthen the risk monitoring and early warning of virtual currency trading speculation
(7) All-round monitoring and early warning. The provincial people's governments give full play to the role of local monitoring and early warning mechanism, and combine online monitoring with offline investigation to improve the accuracy and efficiency of identifying and discovering virtual currency trading speculation. The People's Bank of China, the Central Network Information Office and other departments continue to improve the monitoring technology of encrypted assets, and realize the full chain tracking and full-time information backup of virtual currency "mining", trading and exchange. The financial management department guides financial institutions and non-bank payment institutions to strengthen the monitoring of funds involved in virtual currency transactions.
(eight) the establishment of information sharing and rapid response mechanism. Under the leadership of the people's governments at the provincial level, the local financial supervision departments, together with the branches of the State Council financial management departments, online information departments and public security organs, strengthen the effective connection of online monitoring, offline monitoring and fund monitoring, and establish a mechanism for sharing and cross-checking the speculation information of virtual currency transactions, as well as a rapid response mechanism for early warning information transmission, verification and disposal.
Fourth, build a multi-dimensional and multi-level risk prevention and disposal system.
(9) Financial institutions and non-bank payment institutions shall not provide services for virtual currency-related business activities. Financial institutions and non-bank payment institutions shall not provide services such as account opening, fund transfer, clearing and settlement for virtual currency-related business activities, shall not include virtual currency in the scope of collateral, shall not carry out insurance business related to virtual currency or include virtual currency in the scope of insurance liability, and shall report to relevant departments in a timely manner when finding clues about illegal issues.
(ten) to strengthen the management of Internet information content and access related to virtual currency. Internet companies are not allowed to provide online business premises, commercial exhibitions, marketing and publicity, paid diversion and other services for virtual currency-related business activities. When finding clues about illegal activities, they should report to relevant departments in time, and provide technical support and assistance for relevant investigations and investigations. According to the problem clues transferred by the financial management department, the competent departments of network information and telecommunications timely shut down Internet applications such as websites, mobile applications and applets that carry out virtual currency-related business activities according to law.
(eleven) to strengthen the registration of market entities related to virtual currency and advertising management. Market supervision departments shall strengthen the registration management of market entities, and the registered names and business scope of enterprises and individual industrial and commercial households shall not contain words or contents such as "virtual currency", "virtual assets", "cryptocurrency" and "cryptoassets". The market supervision department shall, jointly with the financial management department, strengthen the supervision of advertisements related to virtual currency according to law, and promptly investigate and deal with relevant illegal advertisements.
(12) Severely crack down on illegal financial activities related to virtual currency. After discovering the clues of illegal financial activities related to virtual currency, the local financial supervision department, together with the branches of the State Council financial management department and other relevant departments, shall promptly investigate, identify and properly dispose of them according to law, and seriously investigate the legal responsibilities of relevant legal persons, unincorporated organizations and natural persons. If crimes are involved, they shall be transferred to judicial organs for investigation and punishment according to law.
(thirteen) to crack down on criminal activities involving virtual currency. The Ministry of Public Security has deployed public security organs across the country to continue to carry out in-depth "special action against money laundering crimes", "special action against cross-border gambling" and "card-breaking action" to severely crack down on criminal activities such as illegal business operation and financial fraud in virtual currency-related business activities, money laundering and gambling with virtual currency, and illegal fund-raising and pyramid schemes with virtual currency as the gimmick.
(fourteen) to strengthen the industry self-discipline management. China Internet Finance Association, China Payment and Clearing Association and China Banking Association strengthen member management and policy publicity, advocate and urge member units to resist illegal financial activities related to virtual currency, and punish member units that violate regulatory policies and industry self-discipline rules in accordance with relevant self-discipline management regulations. Relying on all kinds of industry infrastructure to carry out risk monitoring of virtual currency trading speculation, and timely transfer problem clues to relevant departments.
V. Strengthening organization and implementation
(fifteen) to strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to dealing with the risk of speculation in virtual currency transactions, strengthen organizational leadership, clarify work responsibilities, form a long-term working mechanism of central planning, territorial implementation, compartmentalization and joint responsibility, maintain a high-pressure situation, dynamically monitor risks, take effective measures to prevent and resolve risks, protect people's property safety according to law, and fully safeguard economic and financial order and social stability.
(sixteen) to strengthen policy interpretation and publicity and education. All departments, regions and trade associations should make full use of various media and other communication channels to publicize the illegality, harmfulness and manifestations of virtual currency speculation and other related business activities to the public through legal policy interpretation, typical case analysis and investment risk education, so as to enhance the public's awareness of risk prevention.