China court declares virtual assets as legal properties protected by law: Report
Despite a blanket ban on cryptocurrencies imposed by Beijing in 2021, many Chinese courts over the years have established that virtual asset holders have property rights. People’s courts in China exercise judicial power independently and are not subject to interference by an administrative or public organization. These courts try criminal, civil, administrative, and cases that involve economic disputes. The report titled "Identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case," acknowledged that virtual assets have economic attributes and thus can be classified as property, reported a local daily. Although China has deemed all foreign digital assets illegal by imposing a blanket ban, the report argued that virtual assets held by individuals should be considered legal and protected by law under the current policy framework. The report also added suggestions to deal with crimes involving virtual asset s and noted that sinc...