China’s Supreme Court To Investigations Into Securities And Crypto
China’s Second Civil Division of the Supreme People’s Court held a press conference on July 25 to announce its:
“Opinions of the Supreme People’s Court on Providing Judicial Services and Guarantee for Accelerating the Construction of a National Unified Market” and cases supporting them.
In response to a query about investor protection from a reporter from the China Securities Journal, Deputy Chief Judge Zhou Lunjun stated that the Supreme People’s Court would actively pursue new types of cases involving asset-backed securities, cryptocurrencies, and cross-border financial product transactions as well as further summarise trial experience.
In order to harmonize the way laws are applied and advance the rule of law, the Supreme People’s Court recently produced a number of judicial interpretations and judicial policy documents. These documents encourage the growth of financial markets, allow investors to invest with confidence, and lower the institutional cost of capital market financing. Research, successfully protecting the legal rights of investors, and providing high-quality judicial assurance are necessary for the wholesome expansion of the national unified capital market.
Among them are the prompt revision of judicial interpretations for the trial of criminal cases involving illegal fund-raising, the further clarification of the criminal nature of illegal fund-raising activities like the issuing and selling of stocks, bonds, and fund shares without authorization, and the further re-examination of the legal implications of such activities, and the stringent application of the law to stop different cryptocurrency “Ponzi schemes” and investment traps.
China government unveiled the ninth batch of 348 blockchain filing projects
The Chinese government unveiled the ninth batch of 348 blockchain filing projects, the majority of which are NFT/digital collections, including two from NetEase, China’s second-largest gaming company, and Moutai, China’s largest publicly traded liquor company. The Ministry of Public Security of China also recommended blockchain-based storage projects. However, China’s current cryptocurrency regulation environment is still rather nebulous and confusing.
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