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The Shanghai High Court has once again confirmed that virtual currencies (cryptocurrencies), which are considered a type of virtual commodity, have the nature of property under Chinese law.
According to the Document Published by the Court, Cryptocurrencies Are Not Prohibited, Businesses Related to Them Are Prohibited
However, the Shanghai High Court of China stated that virtual currencies, as a virtual commodity, have property characteristics and are not prohibited by Chinese law.
According to the official statement, although this means that cryptocurrencies are not completely banned, commercial activities related to them remain under strict legal restrictions.
Chinese authorities are taking a “high-pressure” stance against trading and speculative activities involving cryptocurrencies, citing risks of illegality and financial instability.
The issue of the legality of cryptocurrencies was recently brought up in the Songjiang District People’s Court in Shanghai.
In 2017, amidst the surge in Bitcoin and Ethereum prices, an agricultural development company referred to as Company X sought to issue tokens and raise funds. Partnering with an investment management firm, Company S, the two parties signed a “Blockchain Incubation Agreement.”
Under the agreement, Company S would prepare a white paper and issue tokens using leading blockchain technologies such as Bitcoin and Ethereum’s smart contracts.
Following the agreement, Company X paid Company S a 300,000 yuan service fee for the preparation and execution of the token issuance.
However, the legality of the initiative has come under scrutiny as China’s regulatory framework explicitly prohibits cryptocurrency-related activities such as token issuance and financing, and considers them to be illegal financial activities.
#ChinaCrypto #CryptoCommunity #CryptoNewsCommunity #Cryptonews

The CEO of HashKey has sparked speculation about a possible lift of China’s cryptocurrency ban, in light of the growing global interest in digital assets following Donald Trump’s victory in the U.S. election.
The executive of Hong Kong-based crypto exchange HashKey has stirred market discussions about a potential easing of China’s crypto ban following Trump’s electoral win. Chairman and CEO Xiao Feng expressed his belief that the Republican victory could revive China’s digital asset market. Feng’s comments have drawn attention to the Asian market, especially considering the impact of Trump’s return on the global crypto sector.
Is China’s Crypto Ban Likely to Be Lifted After Trump’s Victory?
Trump’s recent win in the U.S. has generated significant pro-crypto interest. The global crypto market has also experienced strong growth, which is raising optimism among investors worldwide. In this context, Hong Kong’s HashKey exchange has expressed immense optimism about a possible shift in China’s stance on cryptocurrency.
Xiao Feng recently stated: “If the U.S. Congress and the president clarify their support for cryptocurrencies, it could motivate China to adopt similar policies.” Since China banned cryptocurrency and mining in 2021, Feng’s comments have attracted substantial attention in the market.
Feng estimates it may take up to two years before China loosens its restrictions on digital assets. Market interest has also focused on China’s recent economic stimulus, which could support a rally for Bitcoin and altcoins. China has announced a significant increase in government bonds, along with subsidies for low-income citizens and support for the real estate market. This development has drawn significant attention to the Asian market, as it could impact the broader financial and crypto sectors.
Crypto Market Remains Bullish Following U.S. Elections
Meanwhile, the broader crypto market has seen several bullish events following the U.S. elections. Bitcoin (BTC) reached a new all-time high of $93,000, with altcoins following this upward trend.
Other reports indicate that the global cryptocurrency market cap has exceeded $3 trillion, attributed to the “Trump effect,” as institutional interest in digital assets grows amid the bull market. These positive market events could lead China to reconsider its cryptocurrency ban, as suggested by HashKey’s Chairman and CEO, Xiao Feng.

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Xiao Feng, CEO of HashKey, a Hong Kong-based cryptocurrency exchange, has suggested that Donald Trump’s recent electoral victory in the U.S. could lead to a major shift in China’s cryptocurrency regulations. Feng believes that Trump’s presidency might prompt China to reconsider its stringent crypto ban, initially enforced in 2021, and adopt a more progressive stance in the digital asset sphere.
How Will Trump’s Election Impact Crypto Markets?
In the wake of Trump’s electoral success, the American cryptocurrency market has seen a notable surge. This positive trend has not only boosted investor confidence globally but has also sparked enthusiasm within the crypto community, hinting at potential similar developments in China.
Is China Ready for a Change in Crypto Approach?
Feng points out that a supportive U.S. administration may encourage China to reevaluate its policies toward digital currencies. This reassessment could mark a pivotal moment for China, allowing it to engage more with the evolving international crypto landscape.
The recent market dynamics indicate several key points:
– Bitcoin recently reached a value of $93,000, signaling renewed investor interest.
– The overall global cryptocurrency market capitalization exceeded $3 trillion post-elections.
– China’s economic stimulus efforts have further invigorated the crypto market, suggesting a broader acceptance of digital assets.
This combination of factors could lead to significant changes in Asia’s investment landscape.
The increasing activity in the cryptocurrency space, particularly following U.S. elections, poses intriguing possibilities for China’s regulatory future. Should the nation decide to ease its restrictions, it may not only open up new investment avenues but also contribute to the overall growth of the global digital asset market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
#donaldtrump #ChinaCrypto

In a significant development in the global fight against cryptocurrency fraud, China has successfully extradited a key suspect involved in a massive $14 billion cryptocurrency pyramid scheme. The suspect, whose identity has not been publicly disclosed, was apprehended in Thailand and handed over to Chinese authorities as part of an ongoing crackdown on illegal activities within the cryptocurrency sector.

The $14 Billion Crypto Scam 💰🕵️

The pyramid scheme, which defrauded investors out of billions of dollars, is one of the largest cryptocurrency scams in history. Operating under the guise of a legitimate crypto investment platform, the scheme lured victims with promises of high returns on their investments. However, instead of earning profits, many investors lost their money, fueling anger and demands for justice.

The fraudulent operation reportedly spanned multiple countries, making it a complex case for law enforcement agencies. The suspect's extradition from Thailand marks a major step forward in bringing those responsible for this massive fraud to justice. The case has drawn significant attention due to its sheer scale and the number of victims involved, highlighting the need for tighter regulations and oversight in the rapidly growing cryptocurrency market.

China's Ongoing Crackdown on Crypto Crimes 🚔🔒

China has been at the forefront of global efforts to clamp down on cryptocurrency-related crimes. Over the past few years, Chinese authorities have intensified their actions against illegal activities in the crypto space, including scams, money laundering, and unlicensed trading platforms. The extradition of this suspect underscores China's commitment to pursuing individuals involved in crypto fraud, even beyond its borders.

The Chinese government has implemented strict regulations on cryptocurrency activities within the country, banning cryptocurrency exchanges and initial coin offerings (ICOs). Despite these measures, illegal crypto activities have continued to proliferate, often involving sophisticated cross-border operations. This extradition is part of a broader international cooperation effort to tackle these challenges.

International Cooperation Against Crypto Fraud 🌐🤝
The successful extradition of the suspect from Thailand to China highlights the importance of international collaboration in combating cryptocurrency crimes. As crypto-related scams often operate across multiple jurisdictions, cooperation between countries is crucial to effectively track down and prosecute those involved.

In this case, Thai authorities worked closely with their Chinese counterparts to facilitate the extradition. This collaboration reflects a growing recognition among nations that a united front is necessary to address the global nature of cryptocurrency crime. As digital currencies continue to gain popularity, international law enforcement agencies are likely to increase their cooperation to prevent and respond to crypto-related criminal activities.

Implications for the Cryptocurrency Market 📊⚖️

The extradition of a suspect involved in a $14 billion cryptocurrency pyramid scheme sends a strong message to the crypto community and potential fraudsters alike. It serves as a reminder that despite the perceived anonymity and borderless nature of cryptocurrencies, law enforcement agencies are becoming increasingly adept at tracking down and prosecuting those who engage in illegal activities.

For investors, this case underscores the importance of due diligence and caution when engaging in cryptocurrency investments. The allure of high returns can often lead to significant risks, especially in an industry that, while rapidly evolving, still lacks comprehensive regulatory oversight in many regions.

As authorities worldwide continue to strengthen their regulatory frameworks and collaborate on enforcement actions, the hope is that such large-scale frauds will become less common. However, the case also highlights the ongoing challenges faced by regulators and law enforcement in keeping up with the fast-paced and ever-changing landscape of cryptocurrency.
$CHZ
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China, with its immense technological advancements and massive population, is a unique market for cryptocurrencies. While regulations can be stringent, the interest in innovative and novel digital assets remains strong. Here are three lesser-known memecoins that could potentially find a foothold in the Chinese crypto community.

1. DragonPup (DPUP) 🐉🐶
DragonPup is a new memecoin that combines the mythical allure of dragons with the viral nature of dog-themed coins. It aims to build a strong, community-driven project that appeals to both meme enthusiasts and serious investors.

Why Watch DragonPup in China?
- Cultural Resonance: The dragon is a powerful symbol in Chinese culture, and a coin themed around it could attract significant interest.
- Community Initiatives: DragonPup focuses on community engagement and rewards, which can foster a loyal user base in China.
- Cross-Border Partnerships: DragonPup is looking to establish partnerships with Chinese tech firms and influencers, enhancing its visibility and credibility.

2. PandaCoin (PANDA) 🐼
PandaCoin is inspired by one of China's most beloved animals, the panda. This memecoin aims to leverage the universal appeal of pandas to create a fun and engaging cryptocurrency experience.

Why Watch PandaCoin in China?
- Cultural Icon: The panda is a national treasure in China, and a coin named after it could naturally draw attention and interest.
- Charity Focus: PandaCoin plans to give a portion of its proceeds to wildlife conservation efforts, including panda preservation, aligning with China's environmental initiatives.
- NFT Integration: PandaCoin is developing an NFT marketplace centered around panda-themed digital art, potentially appealing to China’s growing interest in NFTs.

3. LuckyCat (LUCKY) 🐱🍀
LuckyCat draws inspiration from the traditional Chinese symbol of good fortune, the waving cat (Maneki-neko). This memecoin seeks to combine cultural elements with modern cryptocurrency trends to attract a diverse user base.

Why Watch LuckyCat in China?
- Symbol of Good Fortune: The LuckyCat is widely recognized as a symbol of luck and prosperity in Chinese culture, making it an attractive theme for a memecoin.
- Community Engagement: LuckyCat focuses on building a vibrant community through social media challenges, giveaways, and interactive events.
- Innovative Applications: LuckyCat aims to introduce DeFi services and a unique rewards system that can appeal to China's tech-savvy and investment-oriented population.

Conclusion
China's crypto market is unique, characterized by its rapid technological adoption and cultural richness. Memecoins like DragonPup, PandaCoin, and LuckyCat have the potential to resonate deeply with Chinese investors due to their cultural relevance, community focus, and innovative features. While investing in memecoins carries inherent risks, their novel themes and potential utility could capture the imagination of China’s crypto community. 🧧🚀
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China warns that using Tether (USDT) as an intermediary in foreign exchange transactions is a violation of the law.Recently, China's Supreme People's Procuracy (SPP) and the State Administration of Foreign Exchange (SAFE) issued a public warning, emphasizing that the use of Tether (USDT) as an intermediary tool in transactions between Renminbi and other foreign currencies are not suitable.According to the announcement, using USDT in exchanges is considered a violation of the law. At the same time, China's two leading regulatory agencies have also declared that all activities related to cryptocurrency trading with the Yuan are completely illegal. This includes indirect participation, such as technical support or provision of exchange services.Notice from Chinese regulatory agencyChina has imposed a total ban on all cryptocurrency-related activities and banned foreign cryptocurrency exchanges from providing services to users in the country.Since 2021, China has taken many law enforcement measures against cryptocurrencies. In one specific case in August 2023, a citizen was sentenced to 9 months in prison for purchasing USDT worth 94,988 Yuan (13,067 USD).At the end of December 2023, the Chinese Court sentenced China's "OTC king" - Zhao Dong, founder of RenrenBit, an OTC trading agent, to 7 years in prison and 2.3 million Yuan currency for facilitating exchange transactions between cryptocurrencies and Yuan.#USDT. #ChinaCrypto