This recognition is particularly noteworthy considering China’s prior stance on foreign digital assets.that delves into the legality of virtual assets within the nation. The report affirms that existing Chinese law legally recognizes virtual assets as property and provides them with protection.on cryptocurrencies imposed by Beijing in 2021, Chinese courts have been gradually recognizing the property rights of virtual asset holders.
These courts preside over a wide range of cases, including criminal, civil, administrative, and economic disputes.At its core, the report focuses on identifying the property attributes of virtual currency and the appropriate procedures for handling cases involving these assets. It explicitly acknowledges the economic attributes of virtual assets, ultimately classifying them as legal property protected by Chinese law.
This approach aims to achieve a harmonious balance between safeguarding personal property rights and upholding the broader interests of society. This recognition is particularly noteworthy considering China’s prior stance on foreign digital assets. The country had imposed a comprehensive ban on all foreign digital assets, effectively labeling them as illegal.Chinese courts have exhibited a nuanced perspective on digital assets over the years.