Shanghai Court Affirms Legal Crypto Ownership, Bans Commercial Activities; Bitcoin Reaches $97,930

Nov 21, 2024, 10:56 AM

The Shanghai Supreme Court has ruled that virtual currencies like Bitcoin are legally recognized as property under Chinese law, affirming that ownership is legal for individuals. Judge Sun Jie of the Shanghai Songjiang District People's Court emphasized that while digital assets are considered virtual commodities with property attributes, commercial activities such as token issuance and investments are strictly restricted. This landmark decision provides explicit legal clarity for crypto holders in China amid a surge in Bitcoin's price, which has reportedly reached a record $97,930. The ruling stems from a 2017 case where a company lost 300,000 yuan ($41,000) in a failed token deal, highlighting the stringent restrictions on virtual currency-related business activities under Chinese laws and regulations.