With a lot of money, the Chinese Supreme Court has toughened its stance on cryptocurrencies, enshrining them in the law in the list of illegal methods of raising funds. Under the new interpretation, which comes into force on March 1, individuals illegally dealing in cryptocurrencies can be fined up to 500,000 yuan (6,658,895 rubles) and face up to ten years in prison.Discuss
According to the new legislation, suspects will be prosecuted under Article 176 of the Chinese criminal law, which provides for imprisonment for a term of three to 10 years and fines of 50,000 yuan (665,889 rubles) up to 500,000 yuan (6,658,895 rubles) for crimes involving large sums of money in the amount of 20,000 yuan (266,355 rubles) to 200,000 yuan (2,663,558 rubles).
It is noted that the legislation contains an extremely broad definition of “cryptocurrency transactions”. This means that almost any transaction related to cryptocurrency can fall under this term
Source: Toms Hardware