ChainCatcher news, according to The Paper, the Chief Prosecutor of the Supreme People's Procuratorate, Ying Yong, delivered the work report of the Supreme Procuratorate at the third session of the 14th National People's Congress. In 2024, the procuratorial organs prosecuted 825 individuals for securities-related crimes such as financial fraud and insider trading, and 3,032 individuals for money laundering crimes involving the use of "virtual currency" to transfer criminal proceeds.

ChainCatcher news, according to Caixin, the Supreme People's Procuratorate announced today the situation of the comprehensive deepening of procuratorial reform work in 2024. It mentioned that relevant departments will collaborate to formulate judicial interpretations, improve judicial norms for punishing criminal cases related to securities and futures, money laundering, and harming tax collection and management, and more effectively punish crimes such as illegally transferring assets abroad using virtual currencies, tax evasion, and fraudulently obtaining export tax refunds.Improve the equal protection mechanism for various types of business entities, and legally supervise and correct the use of criminal means to intervene in economic disputes, illegal sealing, confiscation, and freezing of property, especially issues related to illegal cross-regional law enforcement and profit-driven law enforcement. Enhance the working mechanism of the Supreme People's Procuratorate stationed at the China Securities Regulatory Commission, and strengthen the coordination and cooperation between financial regulatory enforcement and judicial work.

ChainCatcher news, according to Jinshi reports, Du Xueyi, director of the Economic Crime Prosecution Office of the Supreme People's Procuratorate, stated during a guest appearance on the Supreme Procuratorate's director interview event on February 13 that the current situation of telecom network fraud crimes is still severe and complex, with a high incidence.First, the cross-border and monopolistic nature of fraud groups has emerged, with criminals setting up "industrial parks" and "technology parks" abroad, managing and controlling through means such as providing guarantees and armed protection, taking a cut or charging fees to obtain illicit funds, forming large criminal organizations.Second, the methods of fraud are increasingly diverse and complex, with combinations such as "pig butchering + false investment," "gambling fraud," and "fraud and extortion," which are more deceptive and have led to serious violent crimes such as intentional injury.Third, the modules of black industry crimes are becoming more stable, with criminal tools and software being simple and easy to use, resulting in a broader population being drawn into criminal activities. Fourth, the channels for funds are intertwined and concealed, with virtual currency "money laundering" becoming a mainstream method, helping criminals to transfer fraudulent funds in "small amounts and multiple transactions," making it difficult to trace back.

ChainCatcher news, according to China's Legal Daily, to implement the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party, and to fully leverage the role of the rule of law in the modernization of the national governance system and governance capacity, a seminar on "Disposal of Virtual Currency Involved in Cases" was held in Beijing on January 19, organized by the Law School of Renmin University of China. Nearly 60 participants attended the meeting, including representatives from the Legislative Affairs Commission of the National People's Congress, the Supreme People's Court, the Supreme People's Procuratorate, the Ministry of Public Security, as well as legal theorists, lawyers, and business representatives.During the meeting, Wang Tuo, head of the Financial Case Handling Team of the Fourth Procuratorial Department of the Supreme People's Procuratorate, stated:We must face history and reality, and cannot ignore the decisive role of regulatory documents in curbing speculative behavior in cryptocurrencies. At the same time, we should accelerate top-level design to address various issues related to virtual currency crimes.We need to strengthen the coordination between criminal justice and administrative regulation, adhering to the principle of unified legal order.We should strive to reach a consensus on the nature of virtual currencies, especially ensuring that civil and criminal identifications do not contradict each other.We need to establish scientifically reasonable procedural norms to prevent various risks in judicial disposal.We should emphasize the complementary relationship between technology and case handling.

ChainCatcher news, at the national procurators' meeting held on January 13, it was emphasized that procuratorial organs will strengthen the crackdown on money laundering crimes and legally combat the illegal transfer of assets abroad using virtual currencies.The meeting stressed the need for a strict crackdown on financial crimes. It will severely punish illegal fundraising, loan fraud, financial falsification, market manipulation, and other financial crimes, maintaining a high-pressure stance against public financial crimes, and striving to solidify the bottom line of financial security and stability. The role of the procuratorial office stationed at the China Securities Regulatory Commission will be leveraged to improve the case referral mechanism for securities crime cases, promoting the stable and healthy development of the capital market. There will be coordinated efforts to prevent and resolve financial risks. Actively promote the establishment of a mechanism for the connection between administrative law enforcement and criminal justice in the financial sector, strengthening the synergy of risk prevention, regulation, and development. (Interface)

ChainCatcher news, the revised Anti-Money Laundering Law of the People's Republic of China will come into effect on January 1, 2025. The Secretary of the Party Leadership Group and Chief Prosecutor of the Supreme People's Procuratorate, Yin Yong, emphasized the need to strengthen the fight against money laundering crimes in a coordinated manner, accurately grasp the provisions of the revised Anti-Money Laundering Law regarding the improvement of the scope of upstream money laundering crimes, comprehensively implement the Anti-Money Laundering Law and the Criminal Law's provisions on "money laundering," accurately apply the "Two Highs" interpretation on several issues concerning the application of laws in handling criminal cases of money laundering, deepen the three-year action plan for combating and governing money laundering violations, punish money laundering and related crimes according to law, enhance the ability to combat money laundering crimes using new technologies, new products, and new businesses such as virtual currencies, and form a joint force against such crimes.

ChainCatcher news, according to China Economic Net, Ge Xiaoyan, a member of the Party Leadership Group and Deputy Chief Prosecutor of the Supreme People's Procuratorate, stated that current cybercrime is accompanied by new technologies and new business formats, with the black and gray industries accelerating their iteration and upgrading. New types of cybercrime that use the metaverse, blockchain, binary futures platforms, and other gimmicks are continuously emerging, and virtual currency has become an important breeding ground for the growth and facilitation of cybercrime.

ChainCatcher news, the Supreme People's Procuratorate issued the "Opinions on Fully Leveraging the Functions of the Procuratorial System to Lawfully Serve and Guarantee High-Quality Financial Development." The opinions point out that severe punishment should be imposed according to the law on crimes that seriously endanger financial security, and the crackdown on illegal fundraising crimes in areas such as fake private placements, fake gold exchanges, pensions, private equity funds, virtual currencies, and prepaid cards should be continuously intensified; it is necessary to collaborate to lawfully regulate financial innovation activities, pay attention to new risks of financial violations and crimes carried out under the guise of investments in virtual currencies, digital collectibles, etc., and proactively research and formulate response and disposal plans with relevant departments.

ChainCatcher news, recently the Supreme People's Procuratorate and the State Administration of Foreign Exchange jointly released 8 typical cases of punishing illegal foreign exchange crimes.Regarding the typical cases involving the use of virtual currency as a medium for illegal foreign exchange transactions, the head of the Fourth Procuratorial Division of the Supreme People's Procuratorate pointed out that in China, virtual currency does not have the same legal status as legal tender, and related business activities are considered illegal financial activities.He stated that an increasing number of illegal foreign exchange crimes are being carried out through virtual currency transactions. The procuratorial authorities have found that using virtual currency as a trading medium to indirectly achieve the conversion of foreign exchange and RMB is an important link in the chain of illegal foreign exchange transactions and should be punished according to law. Guiding evidence collection and examination of criminal facts related to virtual currency transactions requires familiarity with the technical characteristics of virtual currency trading to improve the quality and efficiency of case handling.

ChainCatcher news, the Supreme People's Procuratorate and the Ministry of Public Security have launched the third batch of 5 major cross-border telecom network fraud cases for joint supervision and handling. Among them, the '9.06' telecom network fraud case in Putian, Fujian has been confirmed to involve an amount of over 30 million yuan, with more than 150 members in the gang. This criminal group has a clear hierarchical structure and defined roles, implementing fraud through online dating and inducing investment in virtual currencies. The public security organs have arrested more than 30 individuals.

ChainCatcher news, the Supreme People's Procuratorate of the People's Republic of China shared its thoughts on the NFT market in an article. The three authors elaborated on the prosecutors' views on market risks. The article noted the trend of "securitization" of NFTs, where multiple users jointly own a copy, which, in the authors' opinion, no longer meets the standards of non-replicability, indivisibility, and uniqueness.Among other threats, prosecutors observed that marketing methods such as airdrops, blind boxes, and limited sales have led to "inflated prices" of digital collectibles. The uneven issuance thresholds have resulted in some collectibles lacking cultural significance and artistic value, and even infringing copyright, being fervently "sought after." The inflated prices lack a "reasonable pricing mechanism" and adequate value support, making them prone to deviating from basic value laws.Additionally, according to the procuratorate, "false on-chain" activities pose fraud risks, and marketing models such as new user rewards and dynamic rights can easily evolve into illegal pyramid schemes. The article argues that all types of financial activities must be regulated by law, with measures against these risks including "crackdown on criminal activities," balancing punishment and governance, and strengthening risk assessment and legal publicity. The procuratorial organs will take on the task of distinguishing "true innovation" from "false innovation" and protecting the former, to avoid the phenomenon of "bad money driving out good." (Source link)

ChainCatcher news, the Supreme People's Procuratorate issued the "Opinions on Strengthening the Cyber Legal Work of Procuratorial Organs in the New Era." The "Opinions" point out that it is necessary to focus on the healthy development of the digital economy, legally protect and regulate digital technology, digital industry, and digital markets, strengthen forward-looking research on legal issues related to new technologies and new business formats such as the "metaverse," artificial intelligence, blockchain, and cloud computing, enhance comprehensive risk assessment, accurately grasp the boundary between innovative development and illegal activities, and timely discover and precisely punish various criminal activities disguised as new technologies and new business formats, thereby protecting innovative development while effectively preventing the accumulation and evolution of various risks.The "Opinions" also emphasize focusing on the sense of gain, happiness, and security of the people, comprehensively punishing the network crimes that the public strongly reflects, legally combating telecommunications network fraud and related crimes throughout the entire chain, and actively participating in special actions such as "cutting off cards," "cutting off flows," and "removing nails"; legally prosecuting the illegal collection, provision, and trading of citizens' personal information at the front end, and crimes such as "money laundering" using "scoring platforms," virtual currencies, and live streaming rewards at the back end. (Source link)