The Supreme People's Court and the Supreme People's Procuratorate issued the latest judicial interpretation: virtual asset transactions are listed as

On the morning of August 19th, the Supreme People's Court and the Supreme People's Procuratorate jointly held a press conference to release the "Interpretation on Several Issues Concerning the Application of Law in Handling Criminal Money Laundering Cases" (hereinafter referred to as the "Interpretation"). The "Interpretation" will be implemented from August 20, 2024. The "Interpretation" consists of 13 articles, mainly including: first, clarifying the criteria for identifying the subjective awareness of the crime of "other people's money laundering" and the criteria for reviewing and identifying the crime of "other people's money laundering". Second, clarifying the criteria for identifying the "serious circumstances" of money laundering crimes. Third, clarifying the seven specific situations of "disguising and concealing the source and nature of criminal proceeds and their income by other means". Fourth, clarifying the principle of concurrent punishment for money laundering crimes and crimes of concealing and concealing criminal proceeds and the proceeds of crime. Fifth, clarifying the standard for the amount of fines. Sixth, clarifying the standard for lenient punishment. The "Interpretation" specifies that if the amount of money laundered is more than 5 million yuan and there are multiple instances of money laundering, if the suspect refuses to cooperate with the recovery of the proceeds of crime, causing the proceeds of crime to be unrecoverable, or if the loss exceeds 2.5 million yuan, or if other serious consequences are caused, it shall be deemed as serious circumstances. The "Interpretation" will include virtual asset trading as one of the methods of money laundering. It is clear that if the proceeds of crime and their income are transferred or converted through virtual asset trading or financial asset exchange, they can be identified as other means of disguising and concealing the source and nature of the proceeds of crime and their income as provided in Article 191 (1) (5) of the Criminal Law. The "Interpretation on Several Issues Concerning the Application of Law in Handling Criminal Money Laundering Cases by the Supreme People's Court and the Supreme People's Procuratorate" was passed by the 1880th meeting of the Judicial Committee of the Supreme People's Court on March 20, 2023, and the 28th meeting of the 14th Procuratorial Committee of the Supreme People's Procuratorate on March 29, 2024. It is now announced and will be implemented from August 20, 2024.