What is the policy of Internet on virtual currency in China
Publish: 2021-03-30 02:49:51
1. At present, the integration of Internet finance laws and regulations in China
Internet finance is an emerging field combining the traditional financial instry with the Internet spirit. The spirit of "openness, equality, cooperation and sharing" of the Internet penetrates into the traditional financial instry, forming the unique characteristics of the Internet financial instry. In recent years, China's Internet finance instry has developed rapidly, but China's financial legal system generally does not pay enough attention to the new financial format of Internet finance. Although some Internet finance laws and regulations have been issued in succession, the Internet finance laws and regulations are generally less. The author lists the corresponding regulatory laws and regulations of the existing Internet finance model as follows:
first, the criminal law
Internet Finance access threshold is low, only by virtue of a computer, a set of 200 yuan source code can build a P2P network loan platform, so it is inevitable that some swindlers use the P2P network loan platform to cheat money and run away, It has caused huge losses to investors. Using the Internet to conct illegal activities may involve the following crimes:
Article 176 of the criminal law [crime of illegally absorbing public deposits] Whoever illegally absorbs public deposits or absorbs public deposits in disguise, thus disrupting the financial order, shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention and shall also, or shall only, be fined not less than 20000 yuan but not more than 200000 yuan; If the amount is huge or if there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than 10 years and shall also be fined not less than 50000 yuan but not more than 500000 yuan. Where a unit commits the crime mentioned in the preceding paragraph, it shall be fined, and the persons who are directly in charge and other persons who are directly responsible for the crime shall be punished in accordance with the provisions of the preceding paragraph<
Article 192 of the criminal law [crime of fraud in raising funds] Whoever illegally raises funds by means of fraud for the purpose of illegal possession, if the amount is relatively large, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention and shall also be fined not less than 20000 yuan but not more than 200000 yuan; If the amount is huge or if there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than 10 years and shall also be fined not less than 50000 yuan but not more than 500000 yuan; If the amount is especially huge or if there are other especially serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than 10 years or life imprisonment and shall also be fined not less than 50000 yuan but not more than 500000 yuan or be sentenced to confiscation of property< On June 4, 2010, the people's Bank of China issued the measures for the administration of non financial institutions' payment services (No.2 [2010]). Article 1 of the measures stipulates that the purpose of the measures is to promote the healthy development of the payment service market, standardize the payment service behavior of non-financial institutions, and prevent payment risks, Protect the legitimate rights and interests of the parties. Article 2 of the measures specifies that the term "non-financial institution payment service" as mentioned in the measures means that non-financial institutions, as intermediaries, provide some or all of the following monetary fund transfer services between the payees and payers: (1) online payment 2 Issuance and acceptance of prepaid card 3 Bank card receipt 4 Other payment services determined by the people's Bank of China. The term "network payment" as mentioned in the Measures refers to the behavior of transferring monetary funds between payees and payers relying on public network or private network, including currency exchange, Internet payment, mobile phone payment, fixed phone payment, digital TV payment, etc. The term "prepaid card" as mentioned in these Measures refers to the prepaid value of goods or services issued for profit and purchased outside the issuing institution, including prepaid cards issued in the form of cards, passwords, etc. by adopting magnetic stripe, chip and other technologies. The bank card acquiring as mentioned in the Measures refers to the behavior of collecting monetary funds for special merchants of bank cards through point of sale (POS) terminals The administrative measures for payment services of non-financial institutions is an important regulatory regulation for third-party payment< On August 23, 2011, China Banking Regulatory Commission (CBRC) issued the notice on risk warning of Renren loan [2011] No. 254, which pointed out that in the current situation of tight bank credit, the intermediary companies of credit and loan services of Renren loan (peer to peer) are developing rapidly. This kind of intermediary company collects information of borrowers and lenders, evaluates borrowers' collateral, such as real estate, automobile, equipment, etc., and then matches them, and charges intermediary service fees. The media have made a lot of reports on the operation and influence of such intermediary companies, which has aroused much attention. In this regard, the CBRC organized a special investigation, found a large number of potential risks and gave tips. Thus, the notice is only a risk warning document for Renren loan
at the inter ministerial joint meeting of nine ministries and commissions on the disposal of illegal fund-raising held on November 25, 2013, the central bank clearly defined the illegal fund-raising behavior of P2P online lending instry, which mainly includes three types of situations: fund pool mode; fund pool mode; fund pool mode; The risk of illegal fund-raising caused by unqualified borrowers and Ponzi scheme<
3. Regulations on crowdfunding financing
recently, the securities and Exchange Commission (SEC) approved the draft regulation on crowdfunding financing. Crowdfunding financing for the public was approved by the "jump start our business startups act" (jobs act) in early 2012, that is to say, to provide services for various projects, enterprises and enterprises on the Internet The fund-raising of enterprises and even companies is confirmed by law. This is an important measure taken by the US government to regulate crowdfunding
on September 16, 2013, China Securities Regulatory Commission (CSRC) reported that some companies on taobao.com were suspected of issuing stocks without authorization, and called a halt. The suspension is based on the notice of the general office of the State Council on severely cracking down on issues related to illegal issuance of shares and illegal operation of securities business (GBF [2006] No. 99), which stipulates that "any shareholder of a company is strictly prohibited from transferring shares to the public by himself or by entrusting others in an open manner". So far, it is known as Chinese style "crowdfunding", that is, the behavior of issuing shares to the public by using the network platform is defined as "illegal securities activities" for the first time. Although the crowdfunding model is concive to solving the financing problem of small and medium-sized micro enterprises, considering the current legal framework, domestic crowdfunding websites can not simply the American model, and must find a crowdfunding road suitable for China's national conditions
according to the interpretation of the Supreme People's Court on Several Issues concerning the specific application of law in the trial of criminal cases of illegal fund-raising, crowdfunding mode is almost easy to press the red line of violation in form, that is, it constitutes illegal fund-raising without permission, through public recommendation on the website, promising a certain return, and absorbing funds from non-specific objects. The United States legislates for crowdfunding. We can learn from the jobs act of the United States to regulate the crowdfunding model, but it still needs a graal process< On June 4, 2009, the Ministry of culture and the Ministry of Commerce jointly issued the notice on strengthening the management of online game virtual currency (Wen Shi Fa [2009] No. 20), which stipulates that market access should be strictly enforced and the management of issuers and providers of online game virtual currency trading services should be strengthened. Engaging in "online game virtual currency trading service" business must comply with the relevant provisions of the competent department of Commerce on e-commerce (platform) services. In addition to legal currency purchase, online game operation enterprises shall not provide online game virtual currency to users in any other way. On July 20, 2009, the Ministry of Culture issued the declaration guide for "online game virtual currency issuing enterprises" and "online game virtual currency trading enterprises", which provides operational guidance rules for the declaration and approval work of operating Internet cultural units applying for "online game virtual currency issuing services"
on September 28, 2008, the State Administration of Taxation issued the official reply on the issue of personal income tax on the income of indivials from buying and selling virtual currency through the Internet (Guo Shui Han [2008] No. 818), which clarified the tax treatment of virtual currency, that is, the income obtained by indivials from purchasing players' virtual currency through the Internet and selling it to others after price increase belongs to the taxable income of personal income tax, The indivial income tax shall be calculated and paid according to the item of "income from property transfer"
in short, the introction of a series of regulatory measures makes the regulation of virtual currency further clear, but the regulatory measures are only limited to the virtual currency in the game< On June 29, 2001, the people's Bank of China issued the Interim Measures for the administration of online banking business, but it was abolished in 2007
on January 26, 2006, the CBRC promulgated the measures for the administration of e-banking (CBRC Order No. 5, 2006). The term "e-banking" in the Measures refers to the use of communication channels or open public networks open to the public by commercial banks and other banking financial institutions, as well as the private networks established by banks for specific self-service facilities or customers, Banking services to customers. E-banking business includes banking business carried out by computer and Internet (hereinafter referred to as Internet banking business), banking business carried out by voice communication equipment such as telephone and telecommunication network (hereinafter referred to as telephone banking business), banking business carried out by mobile phone and wireless network (hereinafter referred to as mobile banking business), As well as other use of electronic service equipment and network, by the customer through self-service way to complete financial transactions of banking business The measures for the administration of e-banking is an important regulatory regulation for Internet banking< On September 20, 2011, China Insurance Regulatory Commission (CIRC) issued the notice of China Insurance Regulatory Commission (CIRC) on printing and distributing the measures for the supervision of Internet insurance business of insurance agents and brokers (Trial) (CIRC [2011] No. 53). The purpose of the measures is to promote the development of insurance agents and brokers The standard, healthy and orderly development of Internet insurance business of brokerage companies should effectively protect the legitimate rights and interests of the applicant, the insured and the beneficiary. In May 2012, China Insurance Regulatory Commission (CIRC) issued the notice on risk warning of Internet insurance business (CIRC notice [2012] No. 7), which gave risk warning to the majority of policyholders for the Internet insurance instry. In addition, on April 15, 2011, China Insurance Regulatory Commission (CIRC) issued the "Internet insurance business regulatory provisions (Draft)", which will be further improved in the near future
in a word, Internet financial innovation emerges in endlessly, which means the emergence of new financial models and the need for new regulatory laws and regulations. Moreover, the current Internet financial regulatory laws and regulations are not perfect, some internet financial models have appeared, but the relevant regulatory provisions are still lagging behind, that is, the regulatory gap. It is expected that the regulatory authorities will improve the supervision of Internet finance related fields as soon as possible.
Internet finance is an emerging field combining the traditional financial instry with the Internet spirit. The spirit of "openness, equality, cooperation and sharing" of the Internet penetrates into the traditional financial instry, forming the unique characteristics of the Internet financial instry. In recent years, China's Internet finance instry has developed rapidly, but China's financial legal system generally does not pay enough attention to the new financial format of Internet finance. Although some Internet finance laws and regulations have been issued in succession, the Internet finance laws and regulations are generally less. The author lists the corresponding regulatory laws and regulations of the existing Internet finance model as follows:
first, the criminal law
Internet Finance access threshold is low, only by virtue of a computer, a set of 200 yuan source code can build a P2P network loan platform, so it is inevitable that some swindlers use the P2P network loan platform to cheat money and run away, It has caused huge losses to investors. Using the Internet to conct illegal activities may involve the following crimes:
Article 176 of the criminal law [crime of illegally absorbing public deposits] Whoever illegally absorbs public deposits or absorbs public deposits in disguise, thus disrupting the financial order, shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention and shall also, or shall only, be fined not less than 20000 yuan but not more than 200000 yuan; If the amount is huge or if there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than 10 years and shall also be fined not less than 50000 yuan but not more than 500000 yuan. Where a unit commits the crime mentioned in the preceding paragraph, it shall be fined, and the persons who are directly in charge and other persons who are directly responsible for the crime shall be punished in accordance with the provisions of the preceding paragraph<
Article 192 of the criminal law [crime of fraud in raising funds] Whoever illegally raises funds by means of fraud for the purpose of illegal possession, if the amount is relatively large, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention and shall also be fined not less than 20000 yuan but not more than 200000 yuan; If the amount is huge or if there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than 10 years and shall also be fined not less than 50000 yuan but not more than 500000 yuan; If the amount is especially huge or if there are other especially serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than 10 years or life imprisonment and shall also be fined not less than 50000 yuan but not more than 500000 yuan or be sentenced to confiscation of property< On June 4, 2010, the people's Bank of China issued the measures for the administration of non financial institutions' payment services (No.2 [2010]). Article 1 of the measures stipulates that the purpose of the measures is to promote the healthy development of the payment service market, standardize the payment service behavior of non-financial institutions, and prevent payment risks, Protect the legitimate rights and interests of the parties. Article 2 of the measures specifies that the term "non-financial institution payment service" as mentioned in the measures means that non-financial institutions, as intermediaries, provide some or all of the following monetary fund transfer services between the payees and payers: (1) online payment 2 Issuance and acceptance of prepaid card 3 Bank card receipt 4 Other payment services determined by the people's Bank of China. The term "network payment" as mentioned in the Measures refers to the behavior of transferring monetary funds between payees and payers relying on public network or private network, including currency exchange, Internet payment, mobile phone payment, fixed phone payment, digital TV payment, etc. The term "prepaid card" as mentioned in these Measures refers to the prepaid value of goods or services issued for profit and purchased outside the issuing institution, including prepaid cards issued in the form of cards, passwords, etc. by adopting magnetic stripe, chip and other technologies. The bank card acquiring as mentioned in the Measures refers to the behavior of collecting monetary funds for special merchants of bank cards through point of sale (POS) terminals The administrative measures for payment services of non-financial institutions is an important regulatory regulation for third-party payment< On August 23, 2011, China Banking Regulatory Commission (CBRC) issued the notice on risk warning of Renren loan [2011] No. 254, which pointed out that in the current situation of tight bank credit, the intermediary companies of credit and loan services of Renren loan (peer to peer) are developing rapidly. This kind of intermediary company collects information of borrowers and lenders, evaluates borrowers' collateral, such as real estate, automobile, equipment, etc., and then matches them, and charges intermediary service fees. The media have made a lot of reports on the operation and influence of such intermediary companies, which has aroused much attention. In this regard, the CBRC organized a special investigation, found a large number of potential risks and gave tips. Thus, the notice is only a risk warning document for Renren loan
at the inter ministerial joint meeting of nine ministries and commissions on the disposal of illegal fund-raising held on November 25, 2013, the central bank clearly defined the illegal fund-raising behavior of P2P online lending instry, which mainly includes three types of situations: fund pool mode; fund pool mode; fund pool mode; The risk of illegal fund-raising caused by unqualified borrowers and Ponzi scheme<
3. Regulations on crowdfunding financing
recently, the securities and Exchange Commission (SEC) approved the draft regulation on crowdfunding financing. Crowdfunding financing for the public was approved by the "jump start our business startups act" (jobs act) in early 2012, that is to say, to provide services for various projects, enterprises and enterprises on the Internet The fund-raising of enterprises and even companies is confirmed by law. This is an important measure taken by the US government to regulate crowdfunding
on September 16, 2013, China Securities Regulatory Commission (CSRC) reported that some companies on taobao.com were suspected of issuing stocks without authorization, and called a halt. The suspension is based on the notice of the general office of the State Council on severely cracking down on issues related to illegal issuance of shares and illegal operation of securities business (GBF [2006] No. 99), which stipulates that "any shareholder of a company is strictly prohibited from transferring shares to the public by himself or by entrusting others in an open manner". So far, it is known as Chinese style "crowdfunding", that is, the behavior of issuing shares to the public by using the network platform is defined as "illegal securities activities" for the first time. Although the crowdfunding model is concive to solving the financing problem of small and medium-sized micro enterprises, considering the current legal framework, domestic crowdfunding websites can not simply the American model, and must find a crowdfunding road suitable for China's national conditions
according to the interpretation of the Supreme People's Court on Several Issues concerning the specific application of law in the trial of criminal cases of illegal fund-raising, crowdfunding mode is almost easy to press the red line of violation in form, that is, it constitutes illegal fund-raising without permission, through public recommendation on the website, promising a certain return, and absorbing funds from non-specific objects. The United States legislates for crowdfunding. We can learn from the jobs act of the United States to regulate the crowdfunding model, but it still needs a graal process< On June 4, 2009, the Ministry of culture and the Ministry of Commerce jointly issued the notice on strengthening the management of online game virtual currency (Wen Shi Fa [2009] No. 20), which stipulates that market access should be strictly enforced and the management of issuers and providers of online game virtual currency trading services should be strengthened. Engaging in "online game virtual currency trading service" business must comply with the relevant provisions of the competent department of Commerce on e-commerce (platform) services. In addition to legal currency purchase, online game operation enterprises shall not provide online game virtual currency to users in any other way. On July 20, 2009, the Ministry of Culture issued the declaration guide for "online game virtual currency issuing enterprises" and "online game virtual currency trading enterprises", which provides operational guidance rules for the declaration and approval work of operating Internet cultural units applying for "online game virtual currency issuing services"
on September 28, 2008, the State Administration of Taxation issued the official reply on the issue of personal income tax on the income of indivials from buying and selling virtual currency through the Internet (Guo Shui Han [2008] No. 818), which clarified the tax treatment of virtual currency, that is, the income obtained by indivials from purchasing players' virtual currency through the Internet and selling it to others after price increase belongs to the taxable income of personal income tax, The indivial income tax shall be calculated and paid according to the item of "income from property transfer"
in short, the introction of a series of regulatory measures makes the regulation of virtual currency further clear, but the regulatory measures are only limited to the virtual currency in the game< On June 29, 2001, the people's Bank of China issued the Interim Measures for the administration of online banking business, but it was abolished in 2007
on January 26, 2006, the CBRC promulgated the measures for the administration of e-banking (CBRC Order No. 5, 2006). The term "e-banking" in the Measures refers to the use of communication channels or open public networks open to the public by commercial banks and other banking financial institutions, as well as the private networks established by banks for specific self-service facilities or customers, Banking services to customers. E-banking business includes banking business carried out by computer and Internet (hereinafter referred to as Internet banking business), banking business carried out by voice communication equipment such as telephone and telecommunication network (hereinafter referred to as telephone banking business), banking business carried out by mobile phone and wireless network (hereinafter referred to as mobile banking business), As well as other use of electronic service equipment and network, by the customer through self-service way to complete financial transactions of banking business The measures for the administration of e-banking is an important regulatory regulation for Internet banking< On September 20, 2011, China Insurance Regulatory Commission (CIRC) issued the notice of China Insurance Regulatory Commission (CIRC) on printing and distributing the measures for the supervision of Internet insurance business of insurance agents and brokers (Trial) (CIRC [2011] No. 53). The purpose of the measures is to promote the development of insurance agents and brokers The standard, healthy and orderly development of Internet insurance business of brokerage companies should effectively protect the legitimate rights and interests of the applicant, the insured and the beneficiary. In May 2012, China Insurance Regulatory Commission (CIRC) issued the notice on risk warning of Internet insurance business (CIRC notice [2012] No. 7), which gave risk warning to the majority of policyholders for the Internet insurance instry. In addition, on April 15, 2011, China Insurance Regulatory Commission (CIRC) issued the "Internet insurance business regulatory provisions (Draft)", which will be further improved in the near future
in a word, Internet financial innovation emerges in endlessly, which means the emergence of new financial models and the need for new regulatory laws and regulations. Moreover, the current Internet financial regulatory laws and regulations are not perfect, some internet financial models have appeared, but the relevant regulatory provisions are still lagging behind, that is, the regulatory gap. It is expected that the regulatory authorities will improve the supervision of Internet finance related fields as soon as possible.
2. There is no policy to prohibit the trading of virtual currency in China, and the trading of virtual currency is legal in China
at the end of 2013, the central bank and other five ministries and commissions jointly issued the bitcoin risk notice, in which bitcoin was clearly defined as a special Internet commodity, and people could buy and sell freely at their own risk, denying its monetary attribute. At this stage, financial institutions are not allowed to provide bitcoin related services. The transaction platform supporting its transaction must do a good job in anti money laundering< In an interview with the Boao Forum, President Yang Xiaochuan compared bitcoin to a tradable asset like a stamp, which the central bank has no right to ban
since 2013, popular virtual currencies include bitcoin, Laite coin, Fuyuan coin, doggy coin, reborn coin, etc.
at the end of 2013, the central bank and other five ministries and commissions jointly issued the bitcoin risk notice, in which bitcoin was clearly defined as a special Internet commodity, and people could buy and sell freely at their own risk, denying its monetary attribute. At this stage, financial institutions are not allowed to provide bitcoin related services. The transaction platform supporting its transaction must do a good job in anti money laundering< In an interview with the Boao Forum, President Yang Xiaochuan compared bitcoin to a tradable asset like a stamp, which the central bank has no right to ban
since 2013, popular virtual currencies include bitcoin, Laite coin, Fuyuan coin, doggy coin, reborn coin, etc.
3. In China, no company that issues virtual currency has been granted policy permission. China has a laissez faire attitude towards virtual currency. The following is China's position on virtual currency:
Zhou Xiaochuan, governor of the central bank, said at last year's Boao Forum that bitcoin, like stamps collected by stamp collectors, has collection value, and people regard it as an asset to trade rather than a payment currency, so there is no question of banning it for the central bank. This is also the only time central bank governor Zhou Xiaochuan has made a statement on the currency
in the bitcoin risk notice issued by the central bank and other five ministries and commissions at the end of 2013, bitcoin was clearly defined as a special Internet commodity, which people can buy and sell freely under the premise of free but risk, denying its monetary attribute. At this stage, all financial hooks are not allowed to provide bitcoin related services
since 2013, the popular virtual currencies are bitcoin, Fuyuan coin, Laite coin, doggy coin and so on.
Zhou Xiaochuan, governor of the central bank, said at last year's Boao Forum that bitcoin, like stamps collected by stamp collectors, has collection value, and people regard it as an asset to trade rather than a payment currency, so there is no question of banning it for the central bank. This is also the only time central bank governor Zhou Xiaochuan has made a statement on the currency
in the bitcoin risk notice issued by the central bank and other five ministries and commissions at the end of 2013, bitcoin was clearly defined as a special Internet commodity, which people can buy and sell freely under the premise of free but risk, denying its monetary attribute. At this stage, all financial hooks are not allowed to provide bitcoin related services
since 2013, the popular virtual currencies are bitcoin, Fuyuan coin, Laite coin, doggy coin and so on.
4. In 2015, the Chinese government did not issue any policies on virtual currency. The only policy is that the central bank defined bitcoin as a special Internet commodity in 2013 and denied its monetary attribute. In 2015, the central bank held a seminar on digital currency, and the central bank planned to issue digital currency. There are no other policies, but in general, no matter what policies are put forward, bitcoin, Ruitai coin and Weimeng coin, which are normal digital currencies, have little influence.
5. Now the virtual RMB has also been issued, and the state's policy on virtual currency must strengthen supervision. In this case, we can agree.
6. 1、 "The game's internal equipment enhancement system, proction system and enchantment system are all probabilistic. Are they illegal?" I can tell you clearly that it's not illegal< Second, Article 20 of the notice of the Ministry of culture and the Ministry of Commerce on strengthening the management of virtual currency in online games stipulates that "online game operators shall not distribute game props or virtual currency by random means such as drawing lots, betting or random drawing on the premise that users directly invest cash or virtual currency." The purpose of this article is to strengthen market supervision and crack down on illegal and criminal activities such as gambling with virtual currency< Third, your understanding of this article is wrong. 1. The accidental acquisition of equipment and attributes in the game is not necessarily caused by direct investment of cash or virtual currency; 2. Although the acquisition of some attributes in the game is accidental, it is not necessarily through "lottery, bet, random extraction and other accidental distribution"; 3. Only through direct investment of cash or virtual currency, and through drawing lots, betting, immediate drawing and other means of distribution, is the prohibited act stipulated in Article 20.
7. There are several big companies in China
8. Because the State Administration of radio, film and television has sealed BT, many BT websites have been closed
and there will be no BT in the future
so all websites are in vain
and there will be no BT in the future
so all websites are in vain
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