exchange

Beijing Public Security has established a mechanism for the disposal of virtual currencies involved in cases with the Beijing Stock Exchange, selling them through compliant exchanges in Hong Kong and remitting the proceeds to the national treasury

ChainCatcher news, according to the Capital Public Security Legal System WeChat account, the Beijing Municipal Public Security Bureau Legal System Division and the Beijing Equity Exchange (hereinafter referred to as "BEE") have established a cooperation mechanism for the disposal of virtual currencies involved in cases, jointly signing the "Framework Agreement on Business Cooperation for the Disposal of Virtual Currencies Involved in Cases," which includes the disposal of virtual currencies involved in cases under the category of "physical submission."The article states that in response to the frequent occurrence of virtual currency crimes in recent years, and addressing the practical issue of "the inability to directly dispose of and cash out virtual currencies involved in cases within the country" as well as the risks of cross-border disposal, the Legal System Division of the Municipal Bureau and BEE have further expanded the cooperation disposal area. They have conducted thorough research and demonstration on the policies, regulations, and operational pathways for such special case-related assets, exploring a new channel for overseas disposal.That is: Public security organs will entrust the physical disposal of virtual currencies involved in cases to BEE. After accepting the entrustment from the public security organs, BEE will select professional service institutions to conduct operations such as testing, receiving, and transferring the virtual currencies involved in cases, and will publicly cash out and sell them through a compliant licensed exchange in Hong Kong. After fulfilling the national foreign exchange management approval procedures, the converted funds will be transferred to the special account for case-related funds of the public security organs and submitted to the national treasury.Currently, this model has been successfully applied to dispose of virtual currencies involved in a case handled by the Shunyi Public Security Sub-bureau.
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