BlockBeats News, September 16th. According to the official account of the Shanghai High People’s Court, recently, the Shanghai High People’s Court issued normative guidelines on the disposition of virtual currency price changes in criminal cases involving all courts in the city. Recently, the Baoshan District People’s Court of Shanghai City (hereinafter referred to as the Baoshan District People’s Court) has, in accordance with the above guidelines, under the guidance of the Shanghai High People’s Court and in coordinated cooperation with the Shanghai Public Security Bureau, successfully carried out the price change disposition of more than 90,000 FIL coins using the “domestic entrustment, overseas disposition, closed-loop return” method.
The report stated that faced with the “disposition of virtual currency involved in the case,” this cutting-edge judicial challenge, the Shanghai court conducted thorough research and argumentation from the perspective of policy and operational pathways. Under the guidance of superior authorities, in collaboration with multiple units, it explored a “full-chain compliance, multi-party coordination” price change disposition mechanism, namely: the People’s Court entrusted the disposition of the virtual currency involved in the case to a third-party institution that conducted a pilot first; after the third-party institution provided performance guarantees, it entrusted the overseas transaction link to a qualified overseas agent, on a licensed virtual asset trading platform certified by the Hong Kong Securities and Futures Commission, to assist in completing the overseas disposition link at a price not lower than the average price 20 days before the transaction date. After completing the national foreign exchange management approval procedures, the funds will be remitted to the People’s Court’s special account for the case, and subsequently, in accordance with the law, they will be confiscated and handed over to the national treasury or returned to the victims, achieving “domestic entrustment, overseas disposition, closed-loop return.”
