December. The 2024 China Financial Stability Report was released, mentioning for the first time the latest developments in global cryptocurrencies and related legislation.
The central bank expressed its special attention to the recovery of the crypto asset market and global development trends, and especially gave a relatively detailed explanation of Hong Kong's practices in the field of cryptocurrency.
The report also repeatedly mentioned the central bank's attention to global stablecoins and objectively commented on the legislative practices of various countries and government organizations in cryptocurrency regulation.
Cryptocurrency fund ads appear on Alipay homepage
A cryptocurrency fund promotion advertisement appeared on the Alipay homepage of mainland Chinese users, with the slogan "Global investment, starting from 10 yuan". It corresponds to the Huabao Overseas Technology C (QDII-FOF-LOF) fund, which invests in specific ETF-related crypto assets and is limited to 1,000 yuan per person per day, which has attracted attention.
November. Yao Qian was expelled from the party and removed from office for using virtual currency to trade power for money
Yao Qian, former director of the Science and Technology Supervision Department of the China Securities Regulatory Commission, was expelled from the Party and removed from public office for serious violations of discipline and law, and was handed over to judicial authorities for handling. Yao Qian abused his power for personal gain, used virtual currency to trade power for money, and was involved in multiple violations of discipline. As one of the pioneers of the central bank's digital currency, Yao Qian was involved in financial technology and cryptocurrency research.
Shanghai High Court: It is not illegal for individuals to hold virtual currency
The Shanghai High Court published an article stating that the Songjiang District Court concluded a virtual currency issuance and financing contract dispute case and held that token issuance and financing was an illegal public financing behavior and the relevant agreement was invalid.
The article points out that virtual currency has property attributes, but its related business activities are strictly restricted, and speculation in virtual currency transactions continues to be cracked down on.
October 2024 Web3.0 Innovation Competition officially launched in Xuhui
On October 30, 2024, the 2024 Web 3.0 Innovation Competition was launched in Xuhui District, Shanghai. This is the first blockchain event jointly organized by the Mainland and Hong Kong.
The competition focuses on key technologies such as blockchain and artificial intelligence, and promotes in-depth cooperation between Shanghai and Hong Kong in the field of innovation. Through a global platform, it promotes Web3.0 technology innovation and industrial ecological development, empowers technological breakthroughs and application scenarios in the blockchain industry, and helps Shanghai enhance its industrial competitiveness and influence.
September. China Court News: Judicial disposal of virtual currency must be standardized
On September 3, 2024, an article was published in the China Court News, which pointed out that the judicial disposal of virtual currency faces challenges such as ownership identification, value assessment and legal realization.
my country needs to issue comprehensive guidance to clarify the legal status, compliance requirements and disposal procedures of virtual currencies to ensure a transparent, fair and secure market environment. Cross-border regulatory cooperation is also crucial to promote the healthy development of the digital economy.
Zhu Guangyao, former vice minister of the Ministry of Finance, called for facing up to current problems and that cryptocurrencies play a vital role in promoting the development of the digital economy.
On September 28, former Vice Minister of Finance Zhu Guangyao delivered a speech at the 2024 Tsinghua University PBC Chief Economist Forum. Zhu Guangyao emphasized at the Tsinghua University PBC Forum that the digital economy is the key to global development, especially in the fourth industrial revolution driven by artificial intelligence, where China and the United States are in the lead.
He pointed out that cryptocurrencies are crucial to the digital economy, and despite the risks, global policies are changing, especially the shift in the United States' stance on cryptocurrencies. He called on China to face up to the problem and actively participate in the development of global digital currencies.
August. China's judicial interpretation of money laundering criminal cases includes virtual assets
On August 19, the Supreme People's Court and the Supreme People's Procuratorate issued the "Interpretation on Several Issues Concerning the Application of Laws in Handling Criminal Cases of Money Laundering", which clearly included "virtual asset" transactions as a method of money laundering, and stipulated that the transfer and conversion of criminal proceeds and their proceeds through virtual asset transactions or financial asset exchanges can be deemed as "concealing and concealing the source and nature of criminal proceeds and their proceeds" as stipulated in Article 191, Paragraph 1, Item 5 of the Criminal Law.
Ant Chain and Longsun Group jointly launched the first new energy charging pile RWA project in China
On August 28, 2024, Ant Chain and Longxin Group launched the new energy charging pile RWA project and completed RMB 100 million in financing, opening up a new compliance path for the integration of traditional assets and the digital economy.
June. Shanghai's first official industry report on Web3.0 is released
The "2024 Shanghai Web3.0 Innovation Ecosystem Construction Research Report" points out that Web3.0 is crucial to the information technology industry, and RWA (real world asset tokenization) will become a future development trend.
As policies and technologies mature, global financial institutions are gradually accepting Web3.0 assets and technologies, and Hong Kong has also made significant progress in cross-border payments and RWA. Shanghai has 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. Progress in Chifeng virtual currency pyramid scheme case
The Yuanbaoshan District Public Security Bureau continued to promote the "Fox Hunting" special operation and successfully persuaded two economic crime suspects to surrender. In 2022, the bureau cracked a virtual currency platform pyramid scheme case involving a total amount of 2 billion yuan.
After extensive investigation and cross-regional collaboration, the two fugitive suspects were eventually persuaded to surrender. The case is still under further investigation, and the police warn the fugitives to surrender as soon as possible.
January. The Ministry of Industry and Information Technology and seven other departments issued the "Implementation Opinions of the Ministry of Industry and Information Technology and Seven Other Departments on Promoting the Innovation and Development of Future Industries"
The Ministry of Industry and Information Technology and seven other departments issued the "Implementation Opinions of the Ministry of Industry and Information Technology and Seven Other Departments on Promoting the Innovation and Development of Future Industries", 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.
Accelerate the research and development of software products for the new generation of mobile information networks, brain-like intelligence, etc., encourage demonstration applications of new products, and stimulate the potential of information services.
