Cryptocurrency has long been a contentious subject in China, with the government imposing strict regulations and outright bans on various aspects of the industry. However, a recent report from China’s People’s Court challenges this historical stance, offering newfound recognition to virtual assets as legal property.
In a significant departure from conventional policy, the report titled “Identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case” asserts that virtual assets possess economic attributes that categorize them as property.
This revelation cited in a report from a local publication is a remarkable departure from China’s blanket ban on foreign digital assets, asserting that individual-held virtual assets should enjoy legal protection under current policy frameworks.
China's People's Court. Source: China Daily
This isn’t the first instance of a Chinese court…
