Shanghai High Court Confirms Cryptocurrency Ownership as Legal Property, Citing 2017 Case Loss of 300K Yuan

The Shanghai High Court has affirmed the legal status of cryptocurrency ownership in China, recognizing it as a virtual commodity with property attributes. However, the court emphasized that while individual ownership of cryptocurrencies is legal, business activities related to virtual currencies remain strictly restricted. This clarification follows a 2017 dispute in which a company lost 300,000 yuan (approximately $41,000) due to complications in a token deal. The ruling indicates that while cryptocurrencies like Bitcoin are acknowledged as property under Chinese law, the issuance and trading of tokens are prohibited, reflecting the ongoing regulatory caution surrounding digital assets in the country.