On December 1, 2024, the Ministry of Public Security, in conjunction with the National Development and Reform Commission, the Ministry of Industry and Information Technology, and the People's Bank of China jointly issued the "Telecommunication Network Fraud and Related Illegal Crime Punishment Measures" which took effect. Once the trading of virtual currency is deemed to fall under the new regulatory punishments, it means that all accounts under your name will become unusable, along with credit punishments for phone cards. Does this mean that any trading of virtual currency will be subject to punishment?
In response, I specifically consulted my lawyer friend, and now I will interpret the impact of the punishment measures on the cryptocurrency sector. The new regulations state very clearly that only activities related to telecommunication fraud and associated crimes or the lending of two cards (phone cards and bank cards) will be involved in criminal activities. This means that merely trading virtual currency will not be punished.
So what behaviors will be punished? Your trading of virtual currency, or the parties you assist, must escalate to criminal activities to be subject to punishment. For example, if your trading of virtual currency constitutes aiding and abetting crimes or concealment, fraud, etc., or if you provide a bank card to someone trading virtual currency (simply put, selling U or similar), and that party is involved in aiding and abetting criminal activities, then you will be punished.
Do you understand now?