Chinese courts will now issue jail sentences if individuals engage in fundraising activities via crypto from the public.
New Guideline: Crypto Fundraising, A Punishable Offence
After an intense crackdown on trading and mining, China is taking its anti-crypto stance to another level. For the first time, the Chinese Supreme People’s Court has announced amending the interpretation of the nation’s Criminal Law to make public fundraising through “virtual currency” illegal. According to the official court document, the new law will be effective from March 1st.
In case the amount of crypto fundraising exceeds 100,000 yuan ($16,000), the public deposit will be deemed a “large amount.” On the other hand, if the amount is over 500,000 yuan ($79,000), it will be flagged as “other serious circumstances,” as stipulated in Article 192 of the Criminal Law.
Changes were also introduced with regards to conviction and punishment for crimes associated with illegal fundraising. The supreme
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