The investment transaction of virtual currency is not protected by law, and investors should remain sober and rational. Virtual currency is not issued by the monetary authorities, has no monetary attributes such as compensation and coercion, has no legal status equivalent to currency, and cannot be used as currency in the market. Anyone who is engaged in the virtual currency business knows that online pending orders are most afraid of people who collect money. Once the money is collected, if the upstream crime is caught, the account of the money collection may be frozen by the public security, and even the merchants selling virtual currency may be detained or even arrested. No matter which trading platform, as long as it involves OTC or OTC transactions, there is a risk of frozen cards.
For most over-the-counter traders, they should be fully aware of the risks of over-the-counter trading and should not be greedy and cheap to trade unknown coins. In the case of freezing accounts, as long as the seller of virtual currency and the criminal who committed the crime really didn't collude and just sold the currency, there would be no criminal responsibility. The seller needs to provide transaction records and bank running water to explain the situation to the public security organ. We should pay attention to one situation, that is, the public security may return the money to the victim as stolen money, and our virtual currency has been given to criminals. In this case, it is very difficult for the seller.
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Legal basis:
Notice on Further Prevention and Disposal of Speculative Risks in Virtual Currency Transactions
First of all, make clear the essential attributes of virtual currency and related business activities.
(1) Virtual currency does not have the same legal status as legal tender. The main features of virtual currencies such as Bitcoin, Ethereum and TEDA are that they are issued by non-monetary authorities and exist in digital form by using encryption technology and distributed accounts or similar technologies. They have no legal compensation and should not and cannot be circulated in the market as money.
(2) Virtual currency-related business activities are illegal financial activities. Legal tender and virtual currency exchange business, virtual currency exchange business, buying and selling virtual currency as a central counterparty, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, virtual currency derivatives trading and other virtual currency-related business activities are strictly prohibited, and illegal financial activities such as illegal sale of token certificates, unauthorized public issuance of securities, illegal futures business and illegal fund-raising are resolutely banned according to law. If carrying out relevant illegal financial activities constitutes a crime, criminal responsibility shall be investigated according to law.
(3) It is also an illegal financial activity for overseas virtual currency exchanges to provide services to domestic residents through the Internet. Domestic staff of relevant overseas virtual currency exchanges, as well as legal persons, unincorporated organizations and natural persons who know or should know that they are engaged in virtual currency-related businesses and still provide them with services such as marketing promotion, payment and settlement, and technical support, shall be investigated for relevant responsibilities according to law.
(4) There are legal risks in participating in virtual currency investment and trading activities. If a legal person, an unincorporated organization or a natural person invests in virtual currency and related derivatives, which violates public order and good customs, the relevant civil legal acts shall be invalid, and the losses arising therefrom shall be borne by them; Suspected of undermining financial order and endangering financial security, the relevant departments shall investigate and deal with it according to law.
Two, establish and improve the working mechanism to deal with the speculative risk of virtual currency transactions.
(5) Department coordination. The People's Bank of China will establish a work coordination mechanism with the Central Network Information Office, the Supreme People's Court, the Supreme People's Procuratorate, the Ministry of Industry and Information Technology, the Ministry of Public Security, the General Administration of Market Supervision, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the foreign exchange bureau and other departments to jointly solve major problems in the work, and urge and guide all regions to carry out their work in accordance with unified arrangements.
(6) Strengthen territorial implementation. The people's governments at the provincial level shall take overall responsibility for the prevention and disposal of speculative risks in virtual currency transactions within their respective administrative areas, led by local financial supervision departments, and coordinated by the State Council financial management departments, network information, telecommunications, public security, market supervision and other departments. Establish a normalized working mechanism, co-ordinate resources, actively prevent and properly handle speculation in virtual currency transactions, and maintain economic and financial order and social harmony and stability.
Third, strengthen the risk monitoring and early warning of virtual currency trading speculation.
(7) All-round monitoring and early warning. The provincial people's governments give full play to the role of local monitoring and early warning mechanism, and combine online monitoring with offline investigation to improve the accuracy and efficiency of identifying and discovering speculative behaviors in virtual currency transactions. The People's Bank of China, the Central Network Information Office and other departments constantly improve the monitoring technology of encrypted assets, and realize the full chain tracking and full-time information backup of virtual currency "mining", trading and exchange. The financial management department guides financial institutions and non-bank payment institutions to strengthen the monitoring of funds involved in virtual currency transactions.
(eight) the establishment of information sharing and rapid response mechanism. Under the leadership of the provincial people's government, the local financial supervision departments, together with the financial management departments, network information departments and public security organs of the State Council, strengthen the effective connection between online monitoring, offline monitoring and fund monitoring, establish a mechanism for sharing and cross-checking speculative information in virtual currency transactions, and a rapid response mechanism for early warning information transmission, verification and disposal.
Fourth, build a multi-dimensional and multi-level risk prevention and disposal system.
(9) Financial institutions and non-bank payment institutions shall not provide services for virtual currency-related business activities. Financial institutions and non-bank payment institutions shall not provide services such as account opening, fund transfer, clearing and settlement for virtual currency-related business activities, shall not include virtual currency in the scope of collateral, shall not carry out virtual currency-related insurance business or include virtual currency in the scope of insurance liability, and shall report to relevant departments in a timely manner when finding clues about illegal issues.
(ten) to strengthen the internet information content and access management related to virtual currency. Internet enterprises shall not provide online business premises, commercial exhibitions, marketing and publicity, paid diversion and other services for virtual currency-related business activities. When finding clues about illegal acts, it shall report to the relevant departments in a timely manner, and provide technical support and assistance for the relevant investigation and punishment work. According to the clues handed over by the financial management department, the competent departments of network information and telecommunications shut down Internet applications such as websites, mobile applications and small programs that carry out virtual currency-related business activities in a timely manner according to law.
(eleven) to strengthen the registration of virtual currency related market entities and advertising management. The market supervision department shall strengthen the registration management of market entities, and the registered names and business scope of enterprises and individual industrial and commercial households shall not contain words or contents such as "virtual currency", "virtual assets", "cryptocurrency" and "cryptoassets". The market supervision department shall, jointly with the financial management department, strengthen the supervision of advertisements related to virtual currency according to law, and promptly investigate and deal with relevant illegal advertisements.
(12) Severely crack down on illegal financial activities related to virtual currency. After discovering the clues of illegal financial activities related to virtual currency, the local financial supervision department will, jointly with the branches of the State Council financial management department and other relevant departments, promptly investigate, identify and properly dispose of them according to law, and seriously investigate the legal responsibilities of relevant legal persons, unincorporated organizations and natural persons. Those involved in crimes shall be transferred to judicial organs for investigation according to law.
(thirteen) to crack down on criminal activities involving virtual currency. The Ministry of Public Security has deployed public security organs across the country to continue to carry out in-depth "special operations against money laundering crimes", "special operations against cross-border gambling" and "card-breaking operations", and severely crack down on illegal business and financial fraud in virtual currency-related business activities, money laundering and gambling with virtual currency, illegal fund-raising and pyramid schemes with virtual currency as the gimmick, and other criminal activities.
(fourteen) to strengthen the industry self-discipline management. China Internet Finance Association, China Payment and Clearing Association and China Banking Association strengthen member management and policy publicity, advocate and urge member units to resist illegal financial activities related to virtual currency, and punish member units that violate regulatory policies and industry self-discipline rules in accordance with relevant self-discipline management regulations. Relying on all kinds of industry infrastructure to carry out speculative risk monitoring of virtual currency transactions and hand over clues to relevant departments in a timely manner.
Verb (abbreviation for verb) strengthens organization and implementation.
(fifteen) to strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to dealing with the speculative risks of virtual currency transactions, strengthen organizational leadership, clarify work responsibilities, form a long-term working mechanism of central planning, territorial implementation, compartmentalization and joint responsibility, maintain a high-pressure situation, dynamically monitor risks, take effective measures to prevent and resolve risks, protect people's property safety according to law, and fully safeguard economic and financial order and social stability.
(sixteen) to strengthen policy interpretation and publicity and education. All departments, regions and industry associations should make full use of various media and other communication channels to publicize the illegality, harmfulness and manifestations of virtual currency speculation and other related business activities to the public through legal policy interpretation, typical case analysis and investment risk education, so as to enhance the public's awareness of risk prevention.