China: Implemented listing of virtual currencies as illegal fundraising method

On 1 March 2022, the Chinese Supreme People's Court's decision to expand the list of illegal fundraising methods in the "Interpretation on Several Issues Concerning the Specific Application of Law in the Trial of Criminal Cases of Illegal Fundraising" enters into force. Specifically, virtual currencies, including cryptocurrencies, were added to the list of illegal fundraising methods. Serious violations are subject to Art.176 of China's criminal code, which carries a penalty of 3-10 years in prison and a fine of RMB 50,000-500,000.