Review of Important Events in Cryptocurrency Regulation in Mainland China in 2024

December: The Central Bank Releases the "2024 China Financial Stability Report"

The report mentions for the first time the latest developments in global Crypto Assets and related legislation, focusing on the recovery of the Crypto Assets market and global development trends. The report also repeatedly highlights concerns regarding global stablecoins and objectively comments on the legislative practices of various countries in the regulation of Crypto Assets.

It is worth noting that an advertisement for a Crypto Assets fund has appeared on the Alipay homepage, attracting widespread attention. This fund, named Huabao Overseas Technology C, is indirectly associated with Crypto Assets by investing in specific ETFs, with a daily purchase limit of 1000 yuan per person.

November: Senior Officials Penalized for Virtual Currency Trading

The former director of the Technology Supervision Department of the China Securities Regulatory Commission was expelled from the Party and public office due to serious violations of discipline and law, and was handed over to judicial authorities for processing. This official had participated in research on financial technology and Crypto Assets, and was accused of abusing power for personal gain, using virtual coins for power-for-money transactions.

In the same month, the Shanghai High Court published an article stating that individuals holding virtual currency is not illegal. The article pointed out that although virtual currency has property attributes, its related business activities are subject to strict restrictions, and efforts to combat trading speculation continue.

October: The First Web 3.0 Innovation Competition Coordinated Between Mainland and Hong Kong Launched

The 2024 Web3.0 Innovation Competition was launched in Xuhui District, Shanghai. This is the first blockchain event that collaborates between the mainland and Hong Kong. The competition focuses on key technologies such as blockchain and artificial intelligence, aiming to promote deep cooperation between Shanghai and Hong Kong in the field of innovation, and to drive the innovation of Web3.0 technology and the development of the industry ecosystem.

September: Call for Regulation of the Judicial Disposal of Virtual Currency

An article published in the China Court Journal points out that the judicial disposal of virtual currencies faces challenges such as ownership identification, value assessment, and legal monetization. The article suggests issuing comprehensive guidance to clarify the legal status, compliance requirements, and disposal procedures for virtual currencies, and emphasizes the importance of cross-border regulatory cooperation.

The former Vice Minister of Finance emphasized at a forum that Crypto Assets are crucial for the development of the digital economy. He called on China to face the issues head-on and actively participate in the global development of digital currencies.

August: Judicial Interpretation of Money Laundering Criminal Cases Involving Virtual Assets

The judicial interpretation released by the Supreme People's Court and the Supreme People's Procuratorate clearly includes "virtual assets" trading as a method of money laundering. At the same time, the first domestic new energy charging pile RWA project has been launched, completing financing of 100 million yuan, opening up a new compliance path for the integration of traditional assets and the digital economy.

June: Shanghai Releases Web3.0 Industry Report

The "2024 Shanghai Web3.0 Innovation Ecosystem Construction Research Report" points out that Web3.0 is crucial for the information technology industry, and RWA will become a future development trend. The report emphasizes Shanghai's advantages in the development of the Web3.0 industry and plans to promote the construction of the Web3.0 ecosystem through policy support and innovative construction.

February: New Developments in Large-Scale Virtual Currency Pyramid Scheme Cases

A local public security bureau has continuously promoted the "Fox Hunting" special operation, successfully persuading two suspects of economic crimes to return. The bureau previously cracked a pyramid scheme case involving a virtual currency platform with an amount involved reaching 2 billion yuan.

January: Seven Departments Jointly Promote the Innovative Development of Future Industries

The Ministry of Industry and Information Technology and six other departments have issued implementation opinions, emphasizing the exploration of blockchain as the core technology and data as the key element to build the next generation of Internet innovative applications and digital ecology. The opinions encourage accelerating software product research and development in fields such as the new generation of mobile information networks and brain-like intelligence, and promote the demonstration application of new products.