<\/p>\n
A local court in Xiamen, southeastern China, has opined that crypto is to be considered property under the nation\u2019s legal framework, despite Beijing\u2019s ongoing crackdown against digital assets.<\/p>\n
Reportedly published in the People\u2019s Court Daily newspaper, the court said crypto possesses \u201ceconomic attributes,\u201d including utility and exchange value, per the South China Morning Post<\/a> on Sunday.<\/p>\n That value objectively exists as crypto is legally circulated in overseas markets, the court reportedly said. People should keep their rights to own crypto unless it\u2019s used for illegal activities or gained unlawfully, the court said.<\/p>\n Its view adds to the growing complexities following China\u2019s stance on the asset class, which has seen sweeping, often contradictory regulatory actions within the country in recent years.\u00a0<\/p>\n In September 2021, China\u2019s leading government agencies issued a statement declaring a wide range of crypto activities as illegal financial conduct, including<\/a> trading and mining. The statement stopped short of categorizing crypto ownership itself as unlawful.\u00a0<\/p>\n That had followed a separate but similar ban months earlier, which prohibited financial institutions and payment companies from providing<\/a> crypto-related services to customers.<\/p>\n Despite previous bans and restrictive statements issued by Chinese government bodies, in 2018 an arbitration body ruled that bitcoin should be treated as a kind of property, as CoinDesk<\/a> reported at the time.\u00a0<\/p>\n Hong Kong, a Special Administrative Region of China under its \u201cone country, two systems,\u201d has taken a distinctly separate route this year.\u00a0<\/p>\n Seen by some in the industry as playing catch-up<\/a> to one coveting the industry\u2019s leading crypto hub<\/a>, Hong Kong has sought to establish clearer rules governing digital assets.<\/p>\n That has included its licensing program for crypto firms looking to service retail clients, which has so far attracted an influx of registrations from exchanges and digital asset operators<\/a>.<\/p>\n Also this year, Hong Kong\u2019s High Court deemed crypto as property<\/a>, echoing sentiments from China\u2019s local court. The landmark ruling, which marked a first for the city-state, found crypto to be on a par with other intangible assets such as stocks and shares.<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" A local court in Xiamen, southeastern China, has opined that crypto is to be considered property under the nation\u2019s legal framework, despite Beijing\u2019s ongoing crackdown against digital assets. Reportedly published in the People\u2019s Court Daily newspaper, the court said crypto possesses \u201ceconomic attributes,\u201d including utility and exchange value, per the South China Morning Post on […]<\/p>\n","protected":false},"author":2,"featured_media":149522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-149521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=149521"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149521\/revisions"}],"predecessor-version":[{"id":149524,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149521\/revisions\/149524"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/149522"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=149521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=149521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=149521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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