Shanghai No. 2 Intermediate People's Court, China: Merely holding and trading cryptocurrency as an individual is generally not deemed as the crime of illegal business operation

**Virtual Currency Crime Legal Uniformity Seminar Held** On January 8, a criminal trial seminar focused on *Legal Uniformity in Virtual Currency-Related Crimes* took place. Key organizers included: - Co-host: China Criminal Law Research Association - Guiding body: Shanghai High People’s Court - Joint organizers: Shanghai Second Intermediate People’s Court & Renmin University of China Law School ### Key Discussion Takeaways 1. **Money Laundering: Subjective Awareness** To avoid unjust attribution, courts must comprehensively assess a defendant’s subjective awareness in virtual currency-related money laundering cases. 2. **Money Laundering: Behavior & Completion** - Core of the crime: Disguising or concealing criminal proceeds and their sources/nature. - A crime is completed when an act meets the legal elements (disguising/concealing proceeds or benefits). - Strict enforcement is required to safeguard national financial security. 3. **Illegal Virtual Currency Operations** - Personal holding/trading (no “operational” traits): Generally not deemed illegal operation. - Assisting illegal crypto trading or disguised forex (via virtual currency) with serious circumstances: Deemed an accomplice in illegal operation.