Shanghai court recognizes crypto as property but bans business activities
The Shanghai High Court has ruled that cryptocurrencies possess “property attributes” under Chinese law, affirming their value as virtual commodities.
However, the court upheld China’s strict prohibition on using crypto for commercial activities such as token issuance and speculative trading, according to the court’s ruling.
This ruling arose from a dispute between an agricultural development firm and an investment management company over a failed token launch.
The case, adjudicated by the Songjiang District People’s Court, highlights the ongoing tension between China’s recognition of crypto as property and its crackdown on crypto-related financial activities.
