Chinese Provinces’ Agony Over Seized Crypto Disposal
China’s local legislature has formally declined to create local rules for disposing of seized cryptocurrency. Instead, it called for national-level regulations from the Beijing authorities. This reflects an inevitable collateral consequence of China’s total crypto ban. Henan Province Says Local Legislation Unsuitable The Congress of Henan Province, a central Chinese province south of Beijing with nearly 100 million residents, released a report reviewing its “Draft Regulations on the Management of Assets Involved in Cases.” The province’s legal affairs committee acknowledged that virtual currencies have property attributes and constitute case-related assets, a consensus already established in judicial practice. However, they noted…
