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\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n
\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Associations have persisted that venues to trade NFTs must not be facilitated, the same members should also stay away from investing in these assets and providing financial support for others to do so.<\/p>\n","post_title":"Chinese Regulators Want To Curb The Wave Of NFTs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinese-regulators-want-to-curb-the-wave-of-nfts","to_ping":"","pinged":"","post_modified":"2022-04-14 23:22:58","post_modified_gmt":"2022-04-14 13:22:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4330","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

State media believes that \"it is not enough if digital collections are only regarded as cultural and creative commodities traded online and supervised by market supervision departments and intellectual property departments...digital collections have commodity attributes, currency attributes, securities attributes, etc., and their supervision involves multiple departments, and it is urgent to establish a joint supervision mechanism.\"<\/p>\n\n\n\n

Associations have persisted that venues to trade NFTs must not be facilitated, the same members should also stay away from investing in these assets and providing financial support for others to do so.<\/p>\n","post_title":"Chinese Regulators Want To Curb The Wave Of NFTs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinese-regulators-want-to-curb-the-wave-of-nfts","to_ping":"","pinged":"","post_modified":"2022-04-14 23:22:58","post_modified_gmt":"2022-04-14 13:22:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4330","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Multiple companies and organizations in China recognize NFTs as merely \"digital collectibles\". This comes after the denouncement of NFTs from state media. <\/p>\n\n\n\n

State media believes that \"it is not enough if digital collections are only regarded as cultural and creative commodities traded online and supervised by market supervision departments and intellectual property departments...digital collections have commodity attributes, currency attributes, securities attributes, etc., and their supervision involves multiple departments, and it is urgent to establish a joint supervision mechanism.\"<\/p>\n\n\n\n

Associations have persisted that venues to trade NFTs must not be facilitated, the same members should also stay away from investing in these assets and providing financial support for others to do so.<\/p>\n","post_title":"Chinese Regulators Want To Curb The Wave Of NFTs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinese-regulators-want-to-curb-the-wave-of-nfts","to_ping":"","pinged":"","post_modified":"2022-04-14 23:22:58","post_modified_gmt":"2022-04-14 13:22:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4330","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

NFT Recognition In China<\/h2>\n\n\n\n

Multiple companies and organizations in China recognize NFTs as merely \"digital collectibles\". This comes after the denouncement of NFTs from state media. <\/p>\n\n\n\n

State media believes that \"it is not enough if digital collections are only regarded as cultural and creative commodities traded online and supervised by market supervision departments and intellectual property departments...digital collections have commodity attributes, currency attributes, securities attributes, etc., and their supervision involves multiple departments, and it is urgent to establish a joint supervision mechanism.\"<\/p>\n\n\n\n

Associations have persisted that venues to trade NFTs must not be facilitated, the same members should also stay away from investing in these assets and providing financial support for others to do so.<\/p>\n","post_title":"Chinese Regulators Want To Curb The Wave Of NFTs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinese-regulators-want-to-curb-the-wave-of-nfts","to_ping":"","pinged":"","post_modified":"2022-04-14 23:22:58","post_modified_gmt":"2022-04-14 13:22:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4330","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

China has not yet clarified the regulations on trading NFTs within the country. \"Before the regulatory mechanism is clarified, consumers are advised to treat it calmly and participate rationally,\" states The Economic Daily.<\/p>\n\n\n\n

NFT Recognition In China<\/h2>\n\n\n\n

Multiple companies and organizations in China recognize NFTs as merely \"digital collectibles\". This comes after the denouncement of NFTs from state media. <\/p>\n\n\n\n

State media believes that \"it is not enough if digital collections are only regarded as cultural and creative commodities traded online and supervised by market supervision departments and intellectual property departments...digital collections have commodity attributes, currency attributes, securities attributes, etc., and their supervision involves multiple departments, and it is urgent to establish a joint supervision mechanism.\"<\/p>\n\n\n\n

Associations have persisted that venues to trade NFTs must not be facilitated, the same members should also stay away from investing in these assets and providing financial support for others to do so.<\/p>\n","post_title":"Chinese Regulators Want To Curb The Wave Of NFTs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinese-regulators-want-to-curb-the-wave-of-nfts","to_ping":"","pinged":"","post_modified":"2022-04-14 23:22:58","post_modified_gmt":"2022-04-14 13:22:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4330","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

A large publisher within China called 'The Economic Daily<\/a>' believes that \"digital collectibles\" are in urgent need of regulation<\/a>, as there is a layer of risk for domestic consumers.<\/p>\n\n\n\n

China has not yet clarified the regulations on trading NFTs within the country. \"Before the regulatory mechanism is clarified, consumers are advised to treat it calmly and participate rationally,\" states The Economic Daily.<\/p>\n\n\n\n

NFT Recognition In China<\/h2>\n\n\n\n

Multiple companies and organizations in China recognize NFTs as merely \"digital collectibles\". This comes after the denouncement of NFTs from state media. <\/p>\n\n\n\n

State media believes that \"it is not enough if digital collections are only regarded as cultural and creative commodities traded online and supervised by market supervision departments and intellectual property departments...digital collections have commodity attributes, currency attributes, securities attributes, etc., and their supervision involves multiple departments, and it is urgent to establish a joint supervision mechanism.\"<\/p>\n\n\n\n

Associations have persisted that venues to trade NFTs must not be facilitated, the same members should also stay away from investing in these assets and providing financial support for others to do so.<\/p>\n","post_title":"Chinese Regulators Want To Curb The Wave Of NFTs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinese-regulators-want-to-curb-the-wave-of-nfts","to_ping":"","pinged":"","post_modified":"2022-04-14 23:22:58","post_modified_gmt":"2022-04-14 13:22:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4330","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Although 3 national-level organizations believe NFTs show the potential to boost cultural industry development, risks outweigh the speculation, money laundering and illegal activities said the Chinese regulators<\/a>.<\/p>\n\n\n\n

A large publisher within China called 'The Economic Daily<\/a>' believes that \"digital collectibles\" are in urgent need of regulation<\/a>, as there is a layer of risk for domestic consumers.<\/p>\n\n\n\n

China has not yet clarified the regulations on trading NFTs within the country. \"Before the regulatory mechanism is clarified, consumers are advised to treat it calmly and participate rationally,\" states The Economic Daily.<\/p>\n\n\n\n

NFT Recognition In China<\/h2>\n\n\n\n

Multiple companies and organizations in China recognize NFTs as merely \"digital collectibles\". This comes after the denouncement of NFTs from state media. <\/p>\n\n\n\n

State media believes that \"it is not enough if digital collections are only regarded as cultural and creative commodities traded online and supervised by market supervision departments and intellectual property departments...digital collections have commodity attributes, currency attributes, securities attributes, etc., and their supervision involves multiple departments, and it is urgent to establish a joint supervision mechanism.\"<\/p>\n\n\n\n

Associations have persisted that venues to trade NFTs must not be facilitated, the same members should also stay away from investing in these assets and providing financial support for others to do so.<\/p>\n","post_title":"Chinese Regulators Want To Curb The Wave Of NFTs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinese-regulators-want-to-curb-the-wave-of-nfts","to_ping":"","pinged":"","post_modified":"2022-04-14 23:22:58","post_modified_gmt":"2022-04-14 13:22:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4330","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

According to a report from Forkast<\/a>, self-regulatory bodies in China are urging their members to \u201cresolutely curb\u201d the \u201cfinancialization and securitization\u201d of NFTs.<\/p>\n\n\n\n

Although 3 national-level organizations believe NFTs show the potential to boost cultural industry development, risks outweigh the speculation, money laundering and illegal activities said the Chinese regulators<\/a>.<\/p>\n\n\n\n

A large publisher within China called 'The Economic Daily<\/a>' believes that \"digital collectibles\" are in urgent need of regulation<\/a>, as there is a layer of risk for domestic consumers.<\/p>\n\n\n\n

China has not yet clarified the regulations on trading NFTs within the country. \"Before the regulatory mechanism is clarified, consumers are advised to treat it calmly and participate rationally,\" states The Economic Daily.<\/p>\n\n\n\n

NFT Recognition In China<\/h2>\n\n\n\n

Multiple companies and organizations in China recognize NFTs as merely \"digital collectibles\". This comes after the denouncement of NFTs from state media. <\/p>\n\n\n\n

State media believes that \"it is not enough if digital collections are only regarded as cultural and creative commodities traded online and supervised by market supervision departments and intellectual property departments...digital collections have commodity attributes, currency attributes, securities attributes, etc., and their supervision involves multiple departments, and it is urgent to establish a joint supervision mechanism.\"<\/p>\n\n\n\n

Associations have persisted that venues to trade NFTs must not be facilitated, the same members should also stay away from investing in these assets and providing financial support for others to do so.<\/p>\n","post_title":"Chinese Regulators Want To Curb The Wave Of NFTs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinese-regulators-want-to-curb-the-wave-of-nfts","to_ping":"","pinged":"","post_modified":"2022-04-14 23:22:58","post_modified_gmt":"2022-04-14 13:22:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4330","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The Self-Regulatory organizations overseeing the banking and security industry within China are urging members to halt the adoption of NFTs.<\/p>\n\n\n\n

According to a report from Forkast<\/a>, self-regulatory bodies in China are urging their members to \u201cresolutely curb\u201d the \u201cfinancialization and securitization\u201d of NFTs.<\/p>\n\n\n\n

Although 3 national-level organizations believe NFTs show the potential to boost cultural industry development, risks outweigh the speculation, money laundering and illegal activities said the Chinese regulators<\/a>.<\/p>\n\n\n\n

A large publisher within China called 'The Economic Daily<\/a>' believes that \"digital collectibles\" are in urgent need of regulation<\/a>, as there is a layer of risk for domestic consumers.<\/p>\n\n\n\n

China has not yet clarified the regulations on trading NFTs within the country. \"Before the regulatory mechanism is clarified, consumers are advised to treat it calmly and participate rationally,\" states The Economic Daily.<\/p>\n\n\n\n

NFT Recognition In China<\/h2>\n\n\n\n

Multiple companies and organizations in China recognize NFTs as merely \"digital collectibles\". This comes after the denouncement of NFTs from state media. <\/p>\n\n\n\n

State media believes that \"it is not enough if digital collections are only regarded as cultural and creative commodities traded online and supervised by market supervision departments and intellectual property departments...digital collections have commodity attributes, currency attributes, securities attributes, etc., and their supervision involves multiple departments, and it is urgent to establish a joint supervision mechanism.\"<\/p>\n\n\n\n

Associations have persisted that venues to trade NFTs must not be facilitated, the same members should also stay away from investing in these assets and providing financial support for others to do so.<\/p>\n","post_title":"Chinese Regulators Want To Curb The Wave Of NFTs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinese-regulators-want-to-curb-the-wave-of-nfts","to_ping":"","pinged":"","post_modified":"2022-04-14 23:22:58","post_modified_gmt":"2022-04-14 13:22:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4330","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4330,"post_author":"1","post_date":"2022-04-14 23:21:56","post_date_gmt":"2022-04-14 13:21:56","post_content":"\n

The Self-Regulatory organizations overseeing the banking and security industry within China are urging members to halt the adoption of NFTs.<\/p>\n\n\n\n

According to a report from Forkast<\/a>, self-regulatory bodies in China are urging their members to \u201cresolutely curb\u201d the \u201cfinancialization and securitization\u201d of NFTs.<\/p>\n\n\n\n

Although 3 national-level organizations believe NFTs show the potential to boost cultural industry development, risks outweigh the speculation, money laundering and illegal activities said the Chinese regulators<\/a>.<\/p>\n\n\n\n

A large publisher within China called 'The Economic Daily<\/a>' believes that \"digital collectibles\" are in urgent need of regulation<\/a>, as there is a layer of risk for domestic consumers.<\/p>\n\n\n\n

China has not yet clarified the regulations on trading NFTs within the country. \"Before the regulatory mechanism is clarified, consumers are advised to treat it calmly and participate rationally,\" states The Economic Daily.<\/p>\n\n\n\n

NFT Recognition In China<\/h2>\n\n\n\n

Multiple companies and organizations in China recognize NFTs as merely \"digital collectibles\". This comes after the denouncement of NFTs from state media. <\/p>\n\n\n\n

State media believes that \"it is not enough if digital collections are only regarded as cultural and creative commodities traded online and supervised by market supervision departments and intellectual property departments...digital collections have commodity attributes, currency attributes, securities attributes, etc., and their supervision involves multiple departments, and it is urgent to establish a joint supervision mechanism.\"<\/p>\n\n\n\n

Associations have persisted that venues to trade NFTs must not be facilitated, the same members should also stay away from investing in these assets and providing financial support for others to do so.<\/p>\n","post_title":"Chinese Regulators Want To Curb The Wave Of NFTs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinese-regulators-want-to-curb-the-wave-of-nfts","to_ping":"","pinged":"","post_modified":"2022-04-14 23:22:58","post_modified_gmt":"2022-04-14 13:22:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4330","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3630,"post_author":"1","post_date":"2022-02-27 21:50:42","post_date_gmt":"2022-02-27 10:50:42","post_content":"\n

China's Supreme Court deemed<\/a> that virtual asset transactions now fall under illegal fundraising. <\/p>\n\n\n\n

The amendment comes into play on March 1st. It rules that those prosecuted under Article 176 of China's Criminal Law<\/a> will face penalties depending on the amount raised.<\/p>\n\n\n\n

Fundraising that exceeds 100,000 yuan (US$15,800) is categorized as a \u201clarge amount\u201d which sets forth prison sentences between 3 and 10 years with fines between 50,000 Yuan (US$7,900) and 500,000 Yuan ($79,000).<\/p>\n\n\n\n

Less serious fundraising will be prosecuted with no more than 3 years in prison, with a fine from 20,000 Yuan (US$3160) to 200,000 Yuan (US$31,600).<\/p>\n\n\n\n

The new law accompanies China's efforts to root out financial scams and money laundering by \u201cpunishing illegal fundraising crimes in accordance with the law and maintaining national financial security and stability\u201d.<\/p>\n","post_title":"China's Supreme Court Declares Crypto Transactions \"Illegal Fundraising\"","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-supreme-court-declares-crypto-transactions-illegal","to_ping":"","pinged":"","post_modified":"2022-02-27 21:51:55","post_modified_gmt":"2022-02-27 10:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3630","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n