Chinese Supreme Court to Research Crypto, Asset-backed Securities

Chinese Supreme Court to Research Crypto, Asset-backed Securities

• China’s supreme court said it would conduct research into cryptocurrency to protect the legal rights of investors.
• Also, the Chinese government announced the ninth batch of 348 domestic blockchain firms, which mainly included NFT digital collections.
• Taiwan FSC wrote to the Association of Banks last week, reminding them not to engage in cryptocurrency.

The Supreme People’s Court of China has ruled that it will “actively research new cases such as asset-backed securities, cryptocurrencies, and cross-border financial product transactions.”

This statement came via the deputy chief judge of the supreme court, Zhou Lunjun, on July 25 at a press conference with the theme, “Opinions of the Supreme People’s Court on Providing Judicial Services and Guarantee for Accelerating the Construction of a National Unified Market.”

Justice Lunjun added that the essence of the research is to “protect the legal rights of investors, and provide high-quality judicial guarantee for the healthy development of the national unified capital market.”

Meanwhile, the Chinese government announced the ninth batch of 348 domestic blockchain information service names and record numbers, most of which are NFT digital collections — among which are two from NetEase (NASDAQ:NTES), China’s second largest game company.

By and large, the current legal status of cryptocurrency in China is vague and complicated. While some reports show wholesome acceptance of crypto, blockchain, and NFT, like the Shanghai Municipal People’s Government, other institutions show great detestation.

CQ reported last week that Taiwan’s Financial Supervisory Commission (FSC) is looking to ban credit cards for crypto purchases. The FSC sent a letter to the local banking association reminding them that virtual assets “are highly speculative and risky, and the cash flow is complex and challenging to monitor transactions effectively.” In the letter, the FSC gave three months ultimatum to credit card firms that current practices do not meet its stated requirements.

Continue reading on CoinQuora