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Hippo 河马
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Bullish
Is it illegal to speculate in cryptocurrencies in the mainland?
The latest case judgment in Shanghai has given the answer!
Is it illegal to speculate in virtual currencies such as Bitcoin? I think every talented trader in the mainland has thought about this question. Let's refer to this case in Shanghai.
Recently, the Songjiang District People's Court of Shanghai concluded a service contract dispute case caused by the effectiveness of the virtual currency issuance and financing service contract.
In 2017, an agricultural development company (Company X) signed a "Blockchain Incubation Agreement" with an investment management company (Company S) because it was optimistic about the development of virtual currencies, and paid 300,000 yuan in service fees for token issuance, but the plan eventually fell through. Company X sued the People's Court, demanding the termination of the contract and the return of 300,000 yuan in service fees by Company S. The Songjiang District People's Court finally determined that the agreement was invalid and ordered Company S to return 250,000 yuan.
After trial, the People's Court held that token issuance financing refers to the financing subject raising so-called "virtual currencies" such as Bitcoin and Ethereum from investors through the illegal issuance and circulation of tokens. It is essentially an act of illegal public financing without approval, and is suspected of illegal issuance of token tickets, illegal issuance of securities, illegal fundraising, financial fraud, pyramid schemes and other illegal and criminal activities. Therefore, no organization or individual may illegally engage in token issuance and financing activities.
There are legal risks in participating in virtual currency investment transactions. If the mandatory provisions of laws and regulations are violated, the relevant civil legal acts are invalid, and the losses caused by them shall be borne by themselves.
⚠️To summarize, it is not illegal for us individuals to simply hold virtual currencies, but we are not allowed to issue tokens on our own. The issuance of tokens is not only unprotected, but may also be illegal!
$SOL $BTC $PNUT #DeSci热度上涨 #市场围绕90K #PNUT再次走高
The latest case judgment in Shanghai has given the answer!
Is it illegal to speculate in virtual currencies such as Bitcoin? I think every talented trader in the mainland has thought about this question. Let's refer to this case in Shanghai.
Recently, the Songjiang District People's Court of Shanghai concluded a service contract dispute case caused by the effectiveness of the virtual currency issuance and financing service contract.
In 2017, an agricultural development company (Company X) signed a "Blockchain Incubation Agreement" with an investment management company (Company S) because it was optimistic about the development of virtual currencies, and paid 300,000 yuan in service fees for token issuance, but the plan eventually fell through. Company X sued the People's Court, demanding the termination of the contract and the return of 300,000 yuan in service fees by Company S. The Songjiang District People's Court finally determined that the agreement was invalid and ordered Company S to return 250,000 yuan.
After trial, the People's Court held that token issuance financing refers to the financing subject raising so-called "virtual currencies" such as Bitcoin and Ethereum from investors through the illegal issuance and circulation of tokens. It is essentially an act of illegal public financing without approval, and is suspected of illegal issuance of token tickets, illegal issuance of securities, illegal fundraising, financial fraud, pyramid schemes and other illegal and criminal activities. Therefore, no organization or individual may illegally engage in token issuance and financing activities.
There are legal risks in participating in virtual currency investment transactions. If the mandatory provisions of laws and regulations are violated, the relevant civil legal acts are invalid, and the losses caused by them shall be borne by themselves.
⚠️To summarize, it is not illegal for us individuals to simply hold virtual currencies, but we are not allowed to issue tokens on our own. The issuance of tokens is not only unprotected, but may also be illegal!
$SOL $BTC $PNUT #DeSci热度上涨 #市场围绕90K #PNUT再次走高
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