RE: LeoThread 2024-11-23 12:21
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Crypto no longer illegal in China? Shanghai court issues legal opinion
Could China’s legal shift signal a major change in crypto policy for the nation?
Shanghai court confirmed that personal cryptocurrency ownership was legal.
China retained dominance, controlling over 50% of the global Bitcoin hash rate amid the regulatory shift.
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they have no choice, they've seen it as a growing industry which has come to stay. But my concern is I read they wanted to start taxing it.
Bad regulations can really affect the adoption negatively
Despite the ongoing ban on cryptocurrency transactions that was imposed in 2021, this ruling offered a significant legal distinction. This highlighted that personal possession of digital assets does not violate Chinese law, even as regulatory restrictions on crypto trading remain in place.
That being said, highlighting the difference between owning and transacting in cryptocurrencies, Sun explained,
Article
Judge Sun Jie weighs in
Additionally, Judge Sun Jie of the Shanghai Songjiang People’s Court recently provided much-needed legal clarity for cryptocurrency holders in mainland China.
In a statement published on the Shanghai High People’s Court’s official WeChat account, Sun confirmed,
In a groundbreaking move, a Shanghai court confirmed that personal ownership of cryptocurrencies does not violate Chinese law.
This unexpected clarification provided much-needed legal assurance for crypto holders in mainland China. This signaled a shift in the country’s stance on digital assets.
Interestingly, this announcement coincided with an extraordinary surge in Bitcoin’s [BTC] price, approaching the $100K mark and fueling ongoing speculations.