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 "Measures for Punishment of Telecom Network Fraud and Related Illegal Crimes," which came into effect. Once it is determined that the act of trading virtual currency falls under the new regulatory sanctions, it means that all cards under one's name will be unusable, and there will be credit sanctions on phone cards. Does this mean that any transaction involving virtual currency will be subject to sanctions?

In this regard, I specifically consulted with my lawyer friend, and now I will interpret the impact of the sanction measures on the cryptocurrency space. The new regulations are very clear: only those involved in telecom fraud and related crimes or lending two cards (phone card and bank card) will be subject to criminal liability. In other words, merely trading virtual currency will not be penalized.

So what actions will be sanctioned? Your act of trading virtual currency or the individuals you assist must rise to the level of criminal conduct to fall under the punitive measures. For example, if your trading of virtual currency constitutes aiding and abetting crimes, concealing crimes, fraud crimes, etc., or if you provide a bank card to trade virtual currency (simply put, selling USDT or similar), and the other party is involved in aiding and abetting criminal activities, then you will be sanctioned.

Do you understand now?

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