While it may seem that Shanghai and Hong Kong operate independently, such significant decisions are always approved by CCP.
Hong Kong unveiled a fresh regulatory framework for virtual assets in June 2023, a greenlight move by the Hong Kong Securities and Futures Commission. This shift set the stage for an equally intriguing recent revelation from the Shanghai Second Intermediate People’s Court, affirming the legal standing of bitcoin in China. While it may seem that Shanghai and Hong Kong operate independently, such significant decisions are always approved by CCP.
The Shanghai Second Intermediate People’s Court recently ruling described bitcoin as a “unique and non-replicable” asset in a strategic legal move that redefines China’s anti-crypto stance. The decision diverges from China’s generally restrictive policy toward cryptocurrencies, giving bitcoin a newfound layer of legitimacy and sparking global interest. Legal experts see this as a cornerstone that could influence regulations in China and worldwide.
Despite a countrywide ban on cryptocurrencies, the court’s ruling indirectly affirms the financial nature of digital currencies. The court explored the complexities surrounding bitcoin’s legal status and how it should be treated in crimes involving digital assets.
