In a milestone for the cryptocurrency industry, recent reports from a Chinese People’s Court declare that virtual assets can now be classified as property that’s protected under property rights and laws. This contrasts starkly with the continual opposition to foreign cryptocurrencies by the country’s government. According to the report – Identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case – virtual assets are recognized to possess economic attributes and are thereby entitled to legal protections as such. This unified strategy combining civil and criminal law are suggested to enhance the safeguards for virtual projects held by individuals. It stands purpose to the gentle regulations imposed by the Chinese government such as the closures of cryptocurrency exchanges, issuance of digital asset token indiscretions and enhanced oversight of crypto mining activities. This precedent could mark a signification switch in how the ??orld understands the complex Chinese approach to cryptocurrency and its further direction.
