The People's Court, China has published a report on the legality of virtual assets, analyzing the criminal law attributes of these digital assets, per a local report. The court noted in its report that virtual assets under the current legal policy framework are still legal property and protected by law.
The report, titled "Identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case" acknowledged that virtual assets have economic attributes and thus can be classified as property.
Although China has deemed all foreign digital assets illegal by imposing a blanket ban, the report argues that virtual assets held by individuals should be considered legal and protected by law under the current policy framework.
Note that the People’s Courts of China exercise judicial power independently and are not subject to interference by an administrative or public organization.
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