Chinese Courts Implement Independent Decisions
People’s courts in China have an independent jurisdiction and can take decisions without interference from administrative or public institutions. These courts can handle a number of different matters, from economic disputes to administrative cases. Virtual assets are one of these cases.
A report published by a local newspaper states that virtual assets have economic value and can therefore be considered property. This report argues that virtual assets owned by individuals should be considered legal. The report also includes legal solutions for virtual asset crimes.
China’s Crypto Attitude and Courts Approach:
In 2019, China introduced a general ban on crypto-related activities. The courts, however, have taken a more positive stance towards Bitcoin and other virtual assets, despite this policy. After a claim made in September 2022, it was stated that crypto holders are legally protected in case of theft or misuse. In May 2022, a Shanghai court also confirmed that Bitcoin is a proprietary virtual asset.
Although China’s national policy towards cryptocurrencies is rather strict, the court’s attitude towards these assets underscores the importance of protecting individual property rights. This indicates that the rights of crypto-asset holders are recognized, at least in a legal sense.