Official Clarification! New Regulations on Virtual Currency Crime Trials: Clarifying the Boundaries of Money Laundering + Illegal Business Operations

Odaily Planet Daily Report: Guided by the China Criminal Law Society and the Shanghai High Court, the Shanghai Second Intermediate People's Court and the Law School of Renmin University of China jointly hosted a criminal trial seminar focusing on the theme “Legal Uniformity in Virtual Currency Crime Cases.”
The discussion points are summarized as follows:
The identification of “subjective knowledge” in virtual currency money laundering crimes should be comprehensively judged to prevent objective guilt in virtual currency money laundering offenses.
The types of behaviors and standards for completion in virtual currency money laundering crimes:
1. Accurately grasp the essence of the crime, which is “covering up and concealing the source and nature of criminal proceeds and their gains”;
2. Behaviors that implement the concealment and cover-up requirements stipulated by the elements of money laundering crime, i.e., constitute the completion of the crime;
3. Strictly crack down on money laundering crimes according to law to resolutely safeguard national financial security.
Regarding the identification of illegal business operations involving virtual currency: if the behavior does not exhibit characteristics of business activity and only involves personal holding or trading of coins, it is generally not recognized as illegal business. However, if the individual knowingly assists in illegal buying and selling or disguised trading of foreign exchange, and still provides help through virtual currency exchange, and the circumstances are serious, it should be identified as an accomplice in illegal business operations.