Virtual currency transactions are considered "money laundering" lawyers explain!
On August 19, 2024, the Supreme People's Court and the Supreme People's Procuratorate jointly held a press conference and issued the "Interpretation on Several Issues Concerning the Application of Laws in Handling Criminal Cases of Money Laundering" (hereinafter referred to as the "Interpretation"). The "Interpretation" will come into effect on August 20, 2024. The judicial interpretation clearly includes virtual asset transactions in the scope of money laundering, which has triggered widespread discussion.
Analysis of the "Interpretation" by a well-known lawyer team
First of all, virtual currency transactions are not equal to money laundering, let alone a criminal offense. Article 5 of the Interpretation issued by the Supreme People's Court and the Supreme People's Procuratorate lists "virtual asset" transactions as one of the ways to conceal the seven types of money laundering crimes. The original text is as follows: Article 5 Anyone who conducts any of the following acts to conceal or conceal the source and nature of the proceeds of the upstream crime stipulated in Article 191 of the Criminal Law and the proceeds generated by it may be deemed as "concealing or concealing the source and nature of the proceeds of crime and its proceeds by other means" as stipulated in Article 191, Paragraph 1, Item 5 of the Criminal Law: ... (VI) Transferring or converting the proceeds of crime and its proceeds through "virtual asset" transactions or financial asset exchanges. How to understand it? We use a simple formula to make it easier for everyone to understand.
Meaning, A (virtual asset transaction) is not directly equal to C (money laundering), but only when A and B (transfer or conversion of criminal proceeds) occur at the same time will it be identified as money laundering. Therefore, it is incorrect to mistakenly believe that all virtual currency transactions are equivalent to money laundering. Therefore, ordinary players do not need to worry about the legality of your transactions.
