区块链金融法律风险有哪些,区块链金融法律风险分析

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近年来，区块链金融的发展受到了越来越多投资者的关注，但是它也面临着法律风险的挑战。今天，我们就来探讨一下区块链金融法律风险有哪些，以及如何应对这些风险。

1. 法律合规风险

区块链金融的发展受到了国家法律法规的约束，如果不遵守法律法规，就会面临法律合规风险。因此，在开展区块链金融业务时，投资者和机构都必须充分了解当地的法律法规，确保自己的行为符合法律规定，以免受到法律的惩罚。

2. 技术风险

区块链金融技术的发展迅速，但是由于技术的不稳定性，在实施区块链金融业务时，很容易出现技术问题，从而导致投资者的损失。因此，投资者在选择区块链金融服务机构时要谨慎，仔细审查其产品的技术安全性，确保其产品的可靠性和安全性。

3. 合规风险

区块链金融的发展需要符合监管机构的合规要求，如果不能做到合规，就会受到监管机构的处罚。因此，投资者和机构在开展区块链金融业务时，应当充分了解当地的监管要求，确保自己的行为符合监管要求，以免受到监管机构的处罚。

以上就是关于区块链金融法律风险的分析，包括法律合规风险、技术风险和合规风险。投资者和机构在开展区块链金融业务时，应当充分了解当地的法律法规和监管要求，以确保自己的行为合规，从而减少风险。

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㈠ What impact does blockchain technology have on current laws?

The impact of blockchain technology on current laws mainly includes the following points:

1. Blockchain technology will impact the existing rules of property law. Article 2 of the current Property Rights Law stipulates that the property in this law includes movable property, immovable property and property rights stipulated by law. With the development of blockchain technology, information data, virtual property, digital currency or digital bills generated based on blockchain technology have challenged traditional property rights laws. It is difficult to determine their ownership under current property rights laws. Whether its ownership can be clarified in the future The ownership and implementation of transactions in the financial field are issues worth considering.

In addition, how to establish, change or eliminate the usufructuary rights and security rights of these virtual properties in the decentralized blockchain is also difficult to match the provisions of the current property rights law. In addition, if blockchain technology is used for property rights registration such as real estate, vehicles, ships, etc., it will also change the existing rules and methods of property rights registration. Future property rights laws need to sort out and clarify these issues.

2. Blockchain technology will reshape contract law. Smart contracts generated based on blockchain technology will change the rules of the current contract law. The way in which the intention of a smart contract is expressed will be greatly different from the way in which the parties to a contract enter into an expression of intention in the current contract law. Under what circumstances Issues such as consensus of intention and agreement need to be clarified in contract law. In addition, smart contracts can be automatically executed, or it can be said to replace human performance of contracts. Therefore, the relevant provisions of contract performance under the current contract law may no longer meet the needs of smart contracts, and the rules of contract law may need to be changed or even restructured. Plastic.

3. Blockchain technology may lead to changes in corporate law rules. The application of blockchain technology in company industrial and commercial registration will help simplify the company's industrial and commercial registration process and improve its reliability. The application of smart contracts will lead to the de-manualization of equity changes. The election of company shareholders and directors as well as the resolutions of shareholders' meetings and board of directors can also be written into the blockchain for reliable records. The company law needs to confirm the effectiveness of using blockchain technology for industrial and commercial registration and recording company resolutions.

4. The widespread application of blockchain technology in the financial field will lead to changes in financial laws and regulations such as securities law, currency law, foreign exchange management law, banking law, bill law, and insurance law. Some of them require fundamental changes. changes and system reconstruction, some need to be adjusted according to the specific application of blockchain technology.

㈡ Does blockchain have compliance risks?

Yes, the application of blockchain technology may involve compliance risks.
First of all, in some countries and regions, governments or regulatory authorities may take different stances on digital currencies and other assets based on blockchain technology, and there will be a certain degree of legal, compliance and policy risks. . For example, some countries restrict or prohibit the use of digital currencies and other Bitcoin or blockchain derivatives. Therefore, when choosing blockchain technologyThe local legal and regulatory environment needs to be considered when determining the scope of application of the technology.
Secondly, there are trust issues between participants in private chains or alliance chains, and there are also compliance risks in the construction of trust mechanisms. For example, in the financial field, banks or other financial institutions need to consider which trust model to use when using blockchain technology to comply with social ethics and potential legal requirements. For money-related transactions, legal requirements such as anti-money laundering and counter-terrorism must also be met.
In addition, due to the immutable and public nature of blockchain technology, it may inadvertently leak personal privacy, business secrets and other confidential information, causing privacy data leaks and security risks.
Therefore, enterprises and technology companies should carefully assess potential compliance risks and formulate appropriate compliance security measures, such as complying with legal and regulatory requirements, establishing a sound privacy protection mechanism, and strengthening privacy data protection in multiple dimensions. To ensure compliance and data security of blockchain technology applications.

(iii) Will Shuzang be involved if there is a problem behind the platform after his resignation?

Recently, a number of digital collection trading platforms have announced that they will "cease operations". The reasons are temporarily unknown, and they have different rhetoric. On the other hand, for users who purchase digital collections sold on the aforementioned platforms, the closure of the platform means that the collection they purchased will actually become a picture. This is undoubtedly a serious crisis of trust for the digital collection industry. And whether evacuating before the "boots hit the ground" can really avoid supervision. This article will start from the platform's "format clauses" and explore the legal liability that digital collection platforms may bear when withdrawing from the market.

1. Can the exemption clause be exempted?
We have analyzed several digital collection trading platforms that have issued closure announcements and reported that there may be "storms" on the Internet. Some have stopped access, and some are still processing user refunds. Among them, the user agreements that can still be ascertained all stipulate "disclaimer clauses". The reasons include equipment failure, technical problems, policy changes, business development needs, etc. The scope of the disclaimer includes changes, restrictions, suspension or partial suspension of services. , delete user data without prior notice. But can the platform really escape liability by relying on the exemption clause in the user agreement?

The above-mentioned platforms were all established after the Civil Code of the People's Republic of China came into effect. Therefore, the review standards for standard clauses in the Civil Code will apply to the review of the terms of the user agreement. Article 496 of the Civil Code clearly stipulates that if the party providing the standard terms fails to perform its obligation to provide reminders or explanations, causing the other party to fail to pay attention to or understand the terms of major interest to it, the other party may claim that the terms do not become part of the contract. Article 497 of the Civil Code lists three situations in which standard clauses are invalid.

(1) Subscription review
“If the party providing the standard terms fails to perform its obligation to remind or explain, causing the other party to fail to pay attention to or understand the terms that have a significant interest in it, the other party may claim that the The terms do not become the content of the contract." This is a format clause providedThe party’s prompting and explanation obligations. The Civil Code expands the scope of the obligation to disclose and explain, including “terms that have a significant interest in the other party” into the scope of reminder and explanation, and clarifies the legal consequences of violating the obligation to disclose and explain as “the counterparty to the contract may claim It does not become part of the contract."

According to the legislative ideas of the Civil Code on the format clauses of user agreements, judicial review of the format clauses of user agreements should first be reviewed. The core of the review is that if the provider of the standard terms fails to fulfill its obligation to provide explanations, the standard terms will not be included in the contract.

The understanding can be grasped from two aspects: prompts to explain the scope of obligations and performance standards.

According to the provisions of the Civil Code, the scope of obligations to be explained includes “exemption or reduction of liability and other clauses that have a significant interest in the counterparty.” Judging from the structure of this article, the understanding of "having a significant interest in the opposite party" should be determined by referring to the "exemption or reduction of its liability" listed in this article. Therefore, the scope of the obligation to provide explanations should be limited to situations such as exempting or mitigating its liability, aggravating the other party's liability, limiting or exempting the other party's major rights, etc. "Changing, restricting, stopping or partially terminating services", "deleting user data" and "without prior notice" due to equipment failure, technical problems, policy changes, business development needs and other reasons are obviously the platform's responsibility to reduce its responsibilities. For users who purchase digital collections, the closure of the Shuzang trading platform means that the collection they purchased may become a picture, which undoubtedly has a major stake in them.

How to judge whether the Shuzang platform has fulfilled its obligation to provide prompts and explanations requires a judgment based on both form and substance.

On the formal level, the provider of standard clauses should "use reasonable methods to remind" and "explain according to the counterparty's requirements", and on the substantive level, it is required to "be able to attract the attention and understanding of the counterparty" .

First of all, at the substantive level, the standard clause provider’s obligation to perform prompt explanations should be “able to attract the attention and understanding of the counterparty”. It is generally believed that “capable of attracting the attention and understanding of the other party” must meet a standard that can be understood by the vast majority of people in society. However, there are also opinions that this standard should differ according to different contract types and contracting parties. Compared with targeting commercial entities, targeting civil entities often involves “consumer protection.”

Secondly, at the formal level, the provider of standard clauses should “use reasonable means to provide reminders” and “explain according to the requirements of the counterparty.” The rationality standard can include the following aspects:

1. Whether the prompt time is sufficient. Whether version updates that reduce user rights are notified one to three months in advance, so that users have time to prepare to continue accepting the contract or withdraw;

2. Whether the prompt document is formal. When displaying the user agreement in the form of a link, the initiative of the display and the user'sConvenience of knowing;

3. Is the way to draw attention obvious? Whether individual reminders are provided for content that restricts user rights and the format terms are clearly stated using text, fonts, symbols, etc. that are sufficient to attract attention;

4. Whether the prompt language is accurate. For format clauses, easy-to-understand language and expressions should be used to avoid ambiguity.

(2) Validity evaluation
Article 497 of the Civil Code specifically stipulates the invalidity of standard clauses. Among them, item 1 stipulates that standard clauses that conform to the general invalidity of contracts are invalid. , will not be expanded upon here; Article 497 Items 2-3 stipulate two invalid situations unique to standard clauses, including:

1. The provider of the standard clause unreasonably exempts or reduces its own liability , increase the other party’s liability, and restrict the other party’s main rights;

2. The provider of the standard terms excludes the other party’s main rights.

If judicial proceedings are entered, the court will review the rationality of the exemption clauses in the aforementioned Shuzang Platform User Agreement and determine their effectiveness. If the exemption clause is deemed to have the above circumstances and reaches an unfair and unreasonable level, it will be deemed invalid by the court.

When it comes to determining whether a clause is reasonable, existing judicial practice often makes judgments from the perspectives of whether the standard clause violates the principle of good faith and whether the interests of both parties are seriously unbalanced or unfair. In specific cases, balancing the interests of both parties in the user agreement requires comprehensive judgment based on multiple factors, including whether the provider of the standard clauses (i.e. Shuzang Platform) has a legitimate purpose in including the clause, and whether the provider of the standard clauses is in a strong position when entering into the contract. Market dominance, whether the services users enjoy are paid, and whether users receive alternative payments when their rights are restricted, etc. "Unreasonable risk allocation or transfer clauses", "general exemption clauses" and "self-contradictory clauses" that preemptively exempt platform operators from liability for intentional or gross negligence are often found in judicial practice to be "leading to a serious imbalance in the interests of both parties." Clause" was deemed invalid.

At the same time, Article 32 of the "E-Commerce Law" stipulates that e-commerce platform operators should follow the principles of openness, fairness and impartiality and formulate platform service agreements and transaction rules. The digital collection trading platform has the basic attributes of an e-commerce platform. If there are no special provisions, refer to the "E-Commerce Law". Therefore, the principle of fairness must also be considered when reviewing the validity of the disclaimer clause in the Shuzang Platform User Agreement. In addition, digital collection trading platforms generally constitute e-commerce operators, and the termination of some of their services should comply with Article 16 of the E-Commerce Law. If an e-commerce operator voluntarily terminates e-commerce, it must continue to announce it in a prominent position on the homepage 30 days in advance. information. That is, such termination of the terms of service without notice may also violate mandatory provisions of the law.

(3) Administrative penalties for standard clauses
In addition toSubject to judicial proceedings, administrative agencies also have the right to manage standard clauses.

Since the State Administration for Industry and Commerce (now the State Administration for Market Regulation) promulgated the "Measures for the Supervision and Handling of Contract Violations" (SAIC Order No. 51) and the "Measures for Punishments for Infringements of Consumer Rights" (SAIC Since Order No. 73), administrative penalties due to standard clauses have often occurred, especially when consumer disputes arise. At the same time, the State Administration for Industry and Commerce is also one of the subjects of the “Announcement on Preventing Financing Risks of Token Issuance” (94 Announcement) issued on September 4, 2017. Therefore, the exemption clause of the Shuzang platform is more likely to encounter administrative enforcement.

Measures for Punishing Behaviors that Infringe on Consumer Rights and Interests Article 12 Where operators provide consumers with standard terms of use, notices, statements, store notices, etc. for goods or services, they shall draw consumers’ attention in a conspicuous manner and Contents that consumers have major interests in shall be explained in accordance with the requirements of consumers, and regulations containing the following contents shall not be made:
(1) Exemption or partial exemption of operators from liability for the goods or services they provide. Responsibilities such as repair, rework, replacement, return, replenishing the quantity of goods, refunding payment and service fees, compensation for losses, etc.;
(2) Exclude or limit consumers’ requests for repair, replacement, return, compensation for losses, and liquidated damages and compensation Other rights to reasonable compensation;
(3) Excluding or restricting consumers’ rights to complain, report, and file lawsuits in accordance with the law;
(4) Force or disguised force consumers to purchase and use the products it provides or designates. The goods or services provided by operators shall refuse to provide corresponding goods or services to consumers who do not accept their unreasonable conditions, or increase the charging standards;
(5) Provide that operators have the right to change or terminate the contract at will, restrict Consumers’ rights to change or terminate contracts in accordance with the law;
(6) Providing that operators have the right of interpretation or final interpretation unilaterally;
(7) Other provisions that are unfair and unreasonable to consumers.

The Shuzang Platform User Agreement contains a disclaimer regarding the suspension and termination of the service agreement. If the suspension or termination of services is not based on maintaining network security, social order, etc., or due to administrative penalties, it is for the purpose of suspending or terminating the service agreement. Disclaimer clauses that arbitrarily interrupt service due to self-interest shall be invalid.

2. Criminal risks that the platform may face after liquidation
(1) Situations suspected of illegal business crimes
Legal article links to "Criminal Law of the People's Republic of China"
< br />Article 225 [Illegal Business Crime] Whoever violates state regulations and commits any of the following illegal business behaviors, disrupts market order, and the circumstances are serious, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall be fined concurrently or solely with illegal business A fine of not less than one time but not more than five times the income; if the circumstances are particularly serious, the person shall be sentenced to fixed-term imprisonment of not less than five years and shall also be fined not less than one time but not more than five times the illegal income or property may be confiscated:

(1) Operating special items or other restricted items as stipulated in laws and administrative regulations without permission;

(2) Buying and selling import and export licenses, import and export certificates of origin, and other items Business licenses or approval documents stipulated in laws and administrative regulations;

(3) Illegal operations of securities, futures, and insurance businesses without approval from relevant national competent authorities, or illegal activities of fund payment and settlement business ;

(4) Other illegal business activities that seriously disrupt market order.

According to Article 225 of the Criminal Law, anyone who illegally operates securities, futures, or insurance businesses without the approval of the relevant state authorities, or illegally engages in fund payment and settlement business, constitutes the crime of illegal business operations. Whether the platform is involved in the crime of illegal business operations depends on whether it constitutes illegal operation of securities, futures, and insurance businesses.

From the current point of view, there are three ways to create digital collections: batch creation, divided ownership, and one item for multiple releases. Currently, all domestic digital collection trading platforms almost universally adopt "one item, multiple releases". In this model, the same digital collection shares the same consortium chain address or contract address, and is sold in limited quantities of N copies at a fixed price, although each collection has a different Hash value or on-chain identification, but the holder owns the same work, and the non-homogeneous characteristics of digital collections are greatly weakened. The remaining two casting methods also change the non-replicability, indivisibility and uniqueness of digital collections to a certain extent.

Splitting equity into equal shares for issuance transactions is a typical feature of financial products and securities products. If the platform divides the ownership of digital collections and jointly owns them among multiple people, and also sets up a secondary market to create liquidity and profit expectations for buyers, it may be considered an illegal financial activity that involves the unauthorized public issuance of securities and is suspected of illegal business operations. .

It is worth noting that although existing laws and judicial interpretations have not yet made clear provisions, the issuance of tokens and the establishment of a secondary trading platform for digital collections may also constitute "illegal engagement in fund payment and settlement business" or "Other illegal business practices that seriously disrupt market order." The illegality of these two modes of conduct is detailed below.

(2) Suspected illegal fund-raising
Legal article link to "Criminal Law of the People's Republic of China"

Article 176 [Crime of illegally absorbing public deposits 】Whoever illegally absorbs public deposits or absorbs public deposits in disguised form and disrupts financial order shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention, and shall also or solely be fined; if the amount is huge or there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than ten years. , and shall be fined; if the amount is particularly huge or there are other particularly serious circumstances, the offender shall be sentenced to fixed-term imprisonment of not less than ten years and shall also be fined.

Article 192 [Crime of Fund Raising Fraud] Whoever uses fraudulent methods to illegally raise funds for the purpose of illegal possession, and the amount is relatively large, shall be sentenced to not less than three years but not more than seven years in prison.If the amount is huge or there are other serious circumstances, the offender shall be sentenced to fixed-term imprisonment of not less than seven years or life imprisonment, and shall also be fined or have property confiscated.

If a unit commits the crime in the preceding paragraph, the unit shall be fined, and the person directly in charge and other directly responsible personnel shall be punished in accordance with the provisions of the preceding paragraph.

Illegal fund-raising crimes mainly include the crime of illegally absorbing public deposits in Article 176 of the Criminal Law and the crime of fund-raising fraud in Article 192 of the Criminal Law. To constitute the crime of illegally absorbing public deposits, these four conditions need to be met at the same time: ① Illegality, that is, absorbing funds without legal permission from relevant departments or borrowing legal business forms; ② Publicity, that is, through the Internet, media, promotion meetings, leaflets, mobile phones Publicity to the public through information and other means; ③ Incentive, that is, commitment to repay principal and interest or returns within a certain period of time in the form of currency, physical objects, equity, etc.; ④ Social, that is, to absorb funds from the public, that is, unspecified objects in society. The constitutive conditions of the crime of fund-raising fraud are based on the above four items and add the subjective condition of "having the purpose of illegal possession". In practice, digital collection platforms are usually publicly promoted through the Internet and other channels, and are also open to unspecified social objects. Therefore, they generally meet the "openness" and "sociality" requirements for the crime of illegally absorbing public deposits. It is worth discussing whether the specific behavior of the platform touches the red line of "illegality" and "incentive".

1. Virtual currency trading (token issuance)
The "Supreme People's Court's Amendment to the Supreme People's Court's Specific Application of Laws in the Trial of Illegal Fund-raising Criminal Cases" that took effect on March 1, 2022 "Decision of Interpretation of Issues" (hereinafter referred to as "Interpretation") clearly includes virtual currency transactions within the regulatory scope of the crime of illegally absorbing public deposits. Once the virtual currency transaction meets the aforementioned constituent elements of the crime of illegally absorbing public deposits, the relevant perpetrators will bear criminal liability. According to the "Interpretation", those who illegally absorb or absorb public deposits in a disguised manner involve an amount of more than 1 million yuan, or involve more than 150 people, or cause direct economic losses to depositors of more than 500,000 yuan, shall be investigated for criminal liability in accordance with the law.

Digital collections have strong digital financial concealment. The casting method and issuance model of digital collections directly determine whether digital collections are digital commodities or virtual currencies. If the platform fails to mint and issue digital collections in accordance with the principle of "one thing, one entity, can be substantially delivered, and enjoys property rights", there is a risk of virtual currency transactions. For example, in the "one thing, many issuance" model, the more digital collections are issued, the weaker their non-homogeneity characteristics, then the digital collections will be no different from virtual currencies, and then the platform may be identified as engaging in virtual currencies. trade.

According to the "Notice of the People's Bank of China and ten other departments on further preventing and handling the risks of speculation in virtual currency transactions", virtual currency-related businesses are illegal financial activities and therefore meet the "illegality" requirement. likeAt the same time, the platform also induces users to buy through publicity and even promises of high profits, which is called "incentive". At this time, the platform is suspected of illegally absorbing public deposits.

2. Protection mechanism for consignment for sale and promised product repurchase/original price refund If the main purpose is to provide services and illegally absorb funds by means of commodity repurchase, deposit and sale, etc., and comply with the aforementioned "four characteristics", he will be convicted and punished for the crime of illegally absorbing public deposits.

There are currently some digital collection platforms that provide buyers with entrusted sales services. After buyers purchase digital collections on the platform, they entrust the platform to display and sell them on their behalf. The platform will extract part of the service fee and transfer the new buyer to the platform. The remaining payment will be handed over to the original buyer. There are even platforms that promise that if the collection purchased by users cannot be sold at a price higher than the issue price within a certain period, they can apply for a refund of the original price or have the platform repurchase it. Such behavior may lead regulatory authorities to determine that the real purpose of the platform is not to sell goods, but to illegally absorb public deposits in disguise.

In addition, according to the "Initiative on Preventing NFT-Related Financial Risks" (hereinafter referred to as the "Initiative"), if the platform provides centralized transactions (centralized bidding, electronic matching, anonymous transactions, market makers) for digital collection transactions, etc.), continuous listing trading, standardized contract trading and other services, there are legal risks that constitute illegal financial activities of "disguised illegal establishment of exchanges". Although the law does not explicitly prohibit secondary trading of digital collections, at this stage, mainstream domestic platforms strictly restrict the circulation of collections. Therefore, the platform's provision of custody and sales services may be suspected of illegal financial activities. Moreover, the platform's commitment to repurchase and the original price refund protection mechanism is actually a commitment to protect principal and interest, which satisfies the "incentive" factor. In summary, platforms that provide consignment for sale, promise to repurchase goods, or set up original price refund protection mechanisms may be suspected of illegally absorbing public deposits.

3. For the purpose of illegal possession
While the above behavior constitutes illegal absorption of public deposits, if the platform also has the purpose of illegal possession, there is fraud, such as fictitious investment projects, fictitious investments qualifications, etc., this behavior may also constitute the crime of fund-raising fraud. The fraud will be further developed below.

(3) Situations suspected of the crime of fraud
Legal article link to "Criminal Law of the People's Republic of China"

Article 266 [Crime of Fraud] Defrauding public and private persons Property, if the amount is relatively large, he shall be sentenced to fixed-term imprisonment of not more than three years, criminal detention or surveillance, and concurrently or solely with a fine; if the amount is huge or there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than three years and not more than 10 years, and also fined; if the amount is particularly If the crime is huge or there are other particularly serious circumstances, the offender shall be sentenced to fixed-term imprisonment of not less than ten years or life imprisonment, and shall also be fined or have property confiscated. If this law provides otherwise, the provisions shall prevail.

The main difference between fund-raising fraud and fraud is the object of the crime. The object of fund-raising fraud is unspecified.The public and the target of fraud are specific subjects. "Risk Tips on Preventing Illegal Fund-raising in the Name of the "Metaverse"" focuses on four types of illegal fund-raising or fraud using the concept of the Metaverse, including:

1. Fabricating a false Metaverse Investment projects, speculating on concepts such as game production, artificial intelligence, and virtual reality related to the Metaverse, falsely promoting high returns, and taking the opportunity to absorb public funds.

2. Under the banner of the Metaverse blockchain game, participants are induced to invest by exchanging virtual currency, purchasing game equipment, etc., and wait for opportunities to withdraw money and run away.

3. Intentionally hype up Yuanverse real estate to make money, create the illusion of panic buying, and induce people to enter the market and hoard transactions.

4. Engage in illegal profit-making from Metaverse virtual currency in disguise, inducing the public to purchase investments.

If the platform, based on the purpose of illegal possession, inflates the price of collections through self-buying, self-selling, false transactions, etc., and then directly defrauds users of money and transaction commissions in the name of investing in NFT trading platforms, virtual assets, etc. etc., obviously it may constitute the crime of fund-raising fraud or fraud.

(4) Suspected of organizing and leading pyramid schemes
Legal article links to "Criminal Law of the People's Republic of China"

Article 224-1 [The crime of organizing and leading pyramid schemes] organizes and leads, in the name of promoting goods, providing services and other business activities, requiring participants to obtain membership qualifications by paying fees or purchasing goods and services, etc., and forming hierarchies in a certain order, directly or indirectly Whoever uses the number of development personnel as the basis for calculation of remuneration or rebate, induces or coerces participants to continue to develop pyramid selling activities for others to participate in, defraud property, and disrupt economic and social order, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also be fined; if the circumstances are serious, shall be sentenced to fixed-term imprisonment of not less than five years and shall also be fined.

The crime of organizing and leading MLM activities has four major characteristics: entry fee, attracting people, high rebates, and inflated product prices. Therefore, if the business model of the digital collection platform meets the above characteristics, there is only a thin line between legal marketing and illegal pyramid schemes.

In practice, there are a considerable number of criminal cases involving blockchain organizations and leaders in pyramid schemes. In the case of Chen and others organizing and leading a pyramid scheme that was concluded at the end of 2020, Chen and others established the Plus Token platform in the name of providing digital currency value-added services, requiring participants to pay fees to obtain membership qualifications and follow certain procedures. Hierarchy is formed sequentially, directly or indirectly using the number of development personnel as the basis for payment or rebate, luring participants to continue to develop others to participate, and defrauding property. This behavior constitutes the crime of organizing and leading pyramid schemes.

The price of digital collections is highly subjective, and its exchange value basically depends on the number and consensus of users. It is more likely to become a carrier and tool for pyramid schemes. At present, many domestic platforms adopt an invitation registration system. In order to encourage old users to inviteNew users are rewarded with digital collections or other benefits based on the number and frequency of new users invited by old users. This behavior may be suspected of organizing and leading pyramid schemes.

(5) Suspected of money laundering or concealment or concealment of criminal proceeds
Legal article link to "Criminal Law of the People's Republic of China"

Article 191 Article [Money laundering crime] is to cover up and conceal the income from drug crimes, organized crimes of a mafia nature, terrorist crimes, smuggling crimes, corruption and bribery crimes, crimes that disrupt financial management order, financial fraud crimes, and the source and nature of the proceeds, Anyone who commits any of the following acts shall have the proceeds from committing the above crimes and the proceeds thereof confiscated, and shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also be fined, or shall be fined alone; if the circumstances are serious, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than 10 years, and also Penalties:

(1) Providing a capital account;

(2) Converting property into cash, financial instruments, or securities;

(3) Transferring funds through transfer or other payment and settlement methods;

(4) Cross-border transfer of assets;

(5) Disguising or concealing in other ways Proceeds of crime and the source and nature of their proceeds.

If a unit commits the crime in the preceding paragraph, the unit shall be fined, and the person directly in charge and other directly responsible personnel shall be punished in accordance with the provisions of the preceding paragraph.

Article 312 [Crimes of concealing and concealing criminal proceeds and proceeds of crime] knowingly harboring, transferring, acquiring, selling on behalf of criminal proceeds and the proceeds generated therefrom, or using other methods Anyone who covers up or conceals shall be sentenced to fixed-term imprisonment of not more than three years, criminal detention or surveillance, and shall also or solely be fined; if the circumstances are serious, he shall be sentenced to fixed-term imprisonment of not less than three years and not more than seven years, and shall also be fined.

At present, the access chains of domestic platforms are mainly alliance chains, but there are still a few platforms that use overseas blockchain technologies such as Ethereum, Polygon, and Huobi Ecological Chain to "uplink" digital collections. After connecting to the public chain, theoretically, virtual currencies can be used to trade, mortgage, and replace digital collections on overseas virtual currency trading platforms. This means that someone can purchase digital collections in RMB, exchange them for virtual currency, and then exchange them for foreign currency in countries and regions where virtual currency transactions are legal. There is a risk of using digital collections to launder money. At this time, in addition to being subject to administrative penalties, the platform will also be suspected of constituting corresponding accomplices (money laundering or concealment or concealment of criminal proceeds)

㈣ How is the security of the blockchain? What are the risks of the blockchain

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The hottest topic at the beginning of the new year is blockchain, but there are still many people who are skeptical about its security and risks. So what is the security of blockchain? What are the risks of blockchain? Below we will give you the answers one by one. I hope it will be helpful to you after reading them.
How is the security of blockchain Anyuan?
First of all, blockchain is a distributed database technology. Distributed technology mainly refers to storage architecture. The distributed architecture adopted by the blockchain not only stores the ledger data on each node, but also each node must contain the data of the entire ledger. This completely distributed architecture brings extremely high security, and no one can destroy all nodes at the same time.
Secondly, blockchain technology can achieve tamper resistance through "blocks" and "chains". The unit of data storage in the blockchain is the block. When each block is generated, it must contain the unique "characteristic value" of the previous block (which can be regarded as the ID card of the block). Each block is generated strictly according to the The order of time is lined up to form a "chain".
Security is a major feature of blockchain technology. However, from the perspective of privacy protection, the block chain emphasizes openness and transparency, and any node has the right to operate according to the consensus algorithm, so it is not suitable for scenarios where data privacy needs to be protected.
What are the risks of blockchain?
1. Technical risks: For example, the launch of Ethereum was once popular, but because it is a digital currency with smart contracts, it brings the risk of hacker attacks due to possible loopholes in smart contracts. THEDAO, the largest crowdfunding project in Ethereum, was hacked and lost more than $60 million.
2. Legal risks: The legality issues of digital currency issuance, notarization and confirmation of rights, and legality issues of proof, including legality issues of smart contracts, digital bills, accounting and liquidation, and equity crowdfunding, are currently in my country and The rest of the world is still legally blank.
3. Criminal risks: Using digital currencies to abscond with the money, using digital currencies to launder money and illegal gambling, using smart contracts and digital bills designed to defraud profits, using blockchain technology to commit anonymous crimes, etc. Due to the current regulatory gap, there may be huge criminal risks.
The above is what the editor brings to you. How about the security of blockchain? What are the risks of blockchain? all content.

㈤ How blockchain salespeople avoid legal risks

Although the blockchain industry is experiencing rapid development driven by the influx of capital and talents, as an emerging industry , its frequent warnings about security vulnerabilities have triggered concerns about blockchain risks.

Yu Kequn, director of the National Information Technology Security Research Center, pointed out that the emergence of blockchain has brought a lot of expectations to people regarding issues such as privacy exposure, data leakage, information tampering, and online fraud. However, there are still many challenges in the security of blockchain.

Yu Kequn said that the current blockchain is still in its infancy, and there are many challenges such as the security of cryptographic algorithms, protocol security, usage security, and system security.

Yan Hanbing, director of the Operations Department of the National Internet Emergency Center, also pointed out that if blockchain wants to occupy an important position in the global economy, it must first solve the security problems it faces.

Yan Hanbing pointed out that blockchain security issues includeContains many aspects. For example, traditional security issues include the protection of private keys and traditional vulnerabilities in application layer software. In addition, the new protocol layer also has some loopholes brought by the new protocol.

The data provided by the Decentralized Vulnerability Platform (DVP) also shows the seriousness of blockchain security issues. Wu Jiazhi, the person in charge of DVP, revealed that within a week since July 24, DVP had received 312 vulnerabilities provided by white hats, involving 175 project parties. These include smart contracts, well-known public chains, exchanges and a series of other projects. There are 122 high-risk vulnerabilities, accounting for 39.1% of all vulnerabilities, and 53 medium-risk vulnerabilities, accounting for 17% of all vulnerabilities.

Li Bin, assistant director of China Information Security Evaluation Center, analyzed that the current blockchain is divided into three types: public chain, private chain, and alliance chain. No matter which type, the algorithm, protocol, usage, time limit and system are different. It faces security challenges in many aspects. What is particularly critical is that the current blockchain is still facing the 51% attack problem, that is, a node has the ability to successfully tamper and forge blockchain data by mastering more than 51% of the calculation examples in the entire network.

It is worth noting that in addition to the risk of external malicious attacks, the blockchain also faces the threat of its own endogenous risks. Yu Kequn reminded that how to build a complete secure application system around the equipment, data, applications, encryption, authentication and permissions of the entire blockchain application system is an important issue that all parties must face.

Wu Jiazhi also analyzed that as an emerging industry, practitioners in the blockchain industry lack security awareness, resulting in the current blockchain-related software and hardware having low security coefficients and a large number of security loopholes. In addition, there are many links in the entire blockchain ecosystem. In comparison, the relevant security practitioners are dispersed and it is difficult to form a joint force to solve the problem. Meeting the above challenges requires systematic solutions.

㈥ NFT risks need to be vigilant and preventive, and actively guide the healthy development of the market

NFT risks need to be vigilant and guarded, and actively guide the healthy development of the market

NFT risks need to be vigilant and guarded against, Actively guide the healthy development of the market. Various NFT business platforms in the market should be based on the business purpose of "enriching digital economic models and promoting the development of cultural and creative industries." NFT risks need to be vigilant and guarded against, and actively guide the healthy development of the market.

NFT risks need to be vigilant and preventive, and actively guide the healthy development of the market 1

Recently, the China Internet Finance Association, China Banking Association, and China Securities Association issued an initiative to prevent NFT-related financial risks, clearly expressing their determination Curb the tendency of financialization and securitization of NFT (Non-Fungible Token, non-fungible token), and strictly guard against the risks of illegal financial activities.

This initiative not only affirms the positive role of NFT, that is, "NFT, as an innovative application of blockchain technology, plays an important role in enriching the digital economic model.""It has shown certain potential value in terms of promoting the development of cultural and creative industries, etc." It also reminded the financial risks related to NFT, and proposed to be wary of the risks and hazards of NFT such as speculation, money laundering, and illegal financial activities. This is very important for "rightly popular" For NFT, it is timely and necessary.

NFT is a digital certificate based on blockchain technology. It has the characteristics of being unique, indivisible and traceable, and can be used to mark the ownership of specific assets. Theoretically, any item in the real world, including a song, a painting, a piece of text, a game prop, etc., can be made into an NFT, and its application range depends on people's imagination.

Because the development space is full of imagination, there has been a wave of NFT craze around the world in the past two years. Domestic Internet companies have also launched NFT platforms one after another, and many products have been sold out as soon as they were released. At the same time, some illegal Financial activities have also sprung up. For example, many institutions use the banner of NFT to conduct illegal virtual currency and token financing transactions in disguised form; some NFT underlying commodities hide financial assets such as securities, insurance, credit, precious metals, etc., and issue transaction finance in disguised form. Products;

There are also some NFT platforms that integrate with overseas public chains and transfer NFTs to digital wallets and then sell them on overseas platforms to achieve the purpose of money laundering. In the long run, it is likely to lead to capital flight and the neglect of the foreign exchange management system. problems will affect the financial order and economic and social stability.

The core value of NFT is to provide an on-chain channel for the real world and act as a bridge connecting the physical world and the digital world. Currently, some NFT financialization and securitization This tendency has undoubtedly deviated from the right track and destroyed the industry ecology. If it is allowed to develop, it will inevitably cause "bad money to drive out good money", which is detrimental to the health and long-term development of the industry.

Good scriptures cannot be recited. Wrong. NFT is not a sign of fraud or a gimmick for speculation, and the NFT industry cannot fall into the misguided path of eager for quick success and "getting a handful and leaving." Relevant departments should also speed up the improvement of relevant laws and regulations, fill in the regulatory gaps in a timely manner, and pave the way for the healthy development of NFT "Demining".

It is necessary to clarify the essential attributes of NFT-related activities with laws and regulations, qualitatively de-financialize NFT, and formulate entry thresholds and industry standards to regulate NFT issuance, trading, storage and other processes. At the same time, we actively explore effective supervision methods and severely crack down on the use of NFT for money laundering and illegal fund-raising to avoid possible financial or legal risks.

Any innovation should be based on legal Compliance is the premise. For enterprises and platforms, they should practice the concept of science and technology for good, strengthen basic research, rationally select application scenarios, standardize the application of blockchain technology, and give full play to the positive role of NFT in promoting industry digitization and digital industrialization. , and ensure that the value of NFT products is fully supported to prevent inflated prices from deviating from the basic law of value.

Represents a new direction in the application of blockchain technology, and is endowed with "everything can be digitized""The NFT with a beautiful vision requires not only the continued exploration and hard work of the market, but also the tolerance, prudence, and standardized guidance of the regulatory authorities. Consumers should also adhere to the correct consumption concept, enhance their awareness of self-protection, and stay away from NFT-related illegal financial activities. Beware of being deceived.

NFT risks require vigilance and prevention, and actively guide the healthy development of the market 2

The potential financial risks of NFT (Non-Fungible Token, non-fungible token) are receiving much attention.

< p> Recently, the China Internet Finance Association, the China Banking Association, and the Securities Association of China jointly issued the “Initiative on Preventing NFT-related Financial Risks” (hereinafter referred to as the “Initiative”). The reporter noticed that some platforms have previously Crack down on related risks and hype. For example, WeChat has banned or removed a number of public accounts from digital collection platforms; Ant Whale Explorer (a digital collection platform owned by Ant Group) also issued an announcement on penalties for users who violated regulations and removed more than 180 illegal accounts.

Prohibition of "trading" is the key word

Specifically, the proposal mentions "stick to the bottom line of behavior and prevent financial risks." It clearly states that resolute containment The tendency of NFT financialization and securitization includes not including financial assets such as securities, insurance, credit, precious metals, etc. in the underlying commodities of NFT, issuing trading financial products in disguise, etc. In addition, the initiative emphasizes that centralized trading (centralized bidding, electronic trading, etc.) will not be provided for NFT transactions. Matchmaking, anonymous trading, market makers, etc.), continuous listing trading, standardized contract trading and other services, setting up trading venues in disguised violations.

Xiao Sa, a partner at Beijing Dacheng Law Firm, told Securities Daily, NFT has a promoting effect on the cultural and creative industry. The digitization of artworks and artistic creation is the general trend. However, in the sales process of NFT, there is a tendency of financialization, especially the opening of the secondary market, which further stimulates consumers' hype psychology. . The initiative was initiated this time by self-regulatory organizations of financial institutions rather than cultural organizations, which shows that the issue of financialization of digital collections has been highlighted and has been paid attention to by regulatory authorities.

In addition, the proposals for the three associations According to the initiative, lawyer Yu Leimin, a partner at King & Wood Mallesons (Shanghai), believes that the initiative issued by the three associations "will not provide centralized trading, continuous listing trading, standardized contract trading and other services for NFT transactions",

The above transaction methods all have typical financial transaction characteristics, and are intended to remind various NFT business platforms in the current market that they should be based on the business purpose of "enriching digital economic models and promoting the development of cultural and creative industries" and avoid conducting exchange business. Cut off the "signs" of financial securitization presented by illegal NFT businesses.

The industry generally believes that the current domestic digital collections present several characteristics: First, reducing the number of NFTs that come with them financial attributes; second, draw clear boundaries with virtual currencies.

Zhejiang University International Joint Business SchoolPan Helin, co-director of the Digital Economy and Financial Innovation Research Center, told Securities Daily that the risks of NFT are not technical. NFT has the characteristics of decentralization in the transaction process of confirming the rights of artworks, which provides opportunities for money laundering and fraud. Some people have taken advantage of people's misunderstandings about NFT to speculate.

He believes that many financial institutions currently lack an objective and comprehensive understanding of NFT, and it is necessary to prevent risks. For the current domestic digital collection platforms, the key word is still prohibiting “trading”.

Many platforms are increasing penalties for violations

As early as February this year, the China Banking and Insurance Regulatory Commission issued the "Risk Warning on Preventing Illegal Fund-raising in the Name of "Yuanverse". And this time, the proposal has undoubtedly put a "curse" on the excessive hype in the NFT market.

In fact, it is not uncommon to speculate on private transactions of digital collections. On April 14, a reporter from Securities Daily tried to search for "digital collections" on a second-hand trading platform and found many sellers of private transactions. , some digital collections are even priced at thousands of dollars. The reporter tried to contact a seller and found that it was ultimately necessary to change platforms and conduct private transactions, but private transactions often carry greater risks of fraud.

In addition, the reporter noticed that Ant Whale Explorer and WeChat had previously increased penalties for violations related to the digital collection platform.

On March 21, Ant Chain’s Whale Detective released an announcement on penalties for illegal users, which showed that tiered penalties would be imposed on illegal accounts based on the severity of the violation, including permanent restrictions on the transfer of collections, account bans, etc. According to incomplete statistics from a reporter from Securities Daily, Ant Chain Whale Detective has processed more than 180 illegal accounts (permanent bans on acquisition and transfer functions).

Whaletan told the Securities Daily: At the beginning of our business, we clearly opposed the financial productization of digital collections and strengthened real-name authentication, risk control and verification and other technical means to ensure that users can normally transfer collections to friends. At the same time, we will resist all forms of potential hype risks, including continuing to manage irregular users who commit serious violations and cheating, and provide anti-fraud reminders.

According to the transfer instructions of Whale Explorer, the official does not support any form of resale of digital collections. Users who have purchased digital collections for 180 days can initiate transfers to other real-name users. To prevent speculation, the recipient can initiate transfers again after receiving the digital collections for 2 years.

At the end of March, WeChat banned a number of public accounts of digital collection platforms on a large scale. More than ten platforms were involved, all of which were small and medium-sized digital collection platforms. WeChat told a reporter from Securities Daily that it currently only provides public accounts for digital collection display and first-level transactions. It requires proof of cooperation with a blockchain company that has been registered and approved by the Cyberspace Administration of China as proof of qualifications. It does not support the provision of second-level accounts. level transaction.

In addition, the mini program currently only supports digital collection display and first-levelGifting, digital collection trading and multi-level circulation are not open to the public. If any countermeasures such as bypassing are found, the ability will be blocked or removed based on the degree of violation.

WeChat emphasized that it will pay close attention to industry trends and relevant regulations in the future, and further improve and adjust the rules.

Sun Yulin, a senior researcher at Ouke Cloud Chain Research Institute, told Securities Daily, “Combined with the fact that a large number of public accounts and mini-programs involving digital collections and illegal accounts were blocked, and this time the three associations initiated Released, it is predicted that supervision in this field will gradually tighten in the future, and the compliance requirements for digital collection platforms will become increasingly strict."

NFT risks need to be vigilantly guarded and actively guide the healthy development of the market 3

China The Internet Finance Association, China Banking Association, and China Securities Association jointly call on member units to jointly launch an initiative on preventing financial risks related to NFT (non-fungible tokens), resolutely curb the tendency of NFT financialization and securitization, and strictly prevent illegal Risks from financial activities.

In recent years, my country's NFT market has continued to heat up. As an innovative application of blockchain technology, NFT has shown certain potential value in enriching digital economic models and promoting the development of cultural and creative industries. However, it also has hidden risks such as speculation, money laundering, and illegal financial activities.

In this regard, the three associations advocated adhering to the bottom line of behavior and preventing financial risks. The first is not to include financial assets such as securities, insurance, credit, precious metals, etc. in the underlying commodities of NFT, and to issue and trade financial products in disguise; the second is not to weaken the non-homogeneous characteristics of NFT by dividing ownership or batch creation, and to carry out token issuance and financing in disguise (ICO); The third is not to provide centralized trading, continuous listing trading, standardized contract trading and other services for NFT transactions, and to set up trading venues in disguised violations;

The fourth is not to use Bitcoin, Ethereum, Tether, etc. Virtual currency serves as a pricing and settlement tool for NFT issuance transactions; fifth, real-name authentication of issuance, sales, and purchase entities, properly preserving customer identity information and issuance transaction records, and actively cooperating with anti-laundering work; sixth, not investing directly or indirectly in NFT , does not provide financing support for investing in NFT.

At the same time, the three associations also advocated the rational selection of application scenarios, standardized application of blockchain technology, and the positive role of NFT in promoting industry digitization and digital industrialization; ensuring that NFT The value of the product is fully supported to guide consumers to consume rationally and prevent prices from being inflated and deviating from the basic law of value; protect the intellectual property rights of underlying commodities and support genuine digital cultural works; disclose NFT product information truthfully, accurately and completely to protect consumers The right to know, the right to choose, and the right to fair dealing.

Dong Ximiao, chief researcher of China Merchants Union Financial, suggested that investors should fully understand the value and risks of NFT and not participate in illegal NFT speculation and transactions. It is difficult for ordinary investors to fully understand virtual currencies, ICOs, NFTs, etc., and it is recommended not to proceedIf you invest blindly, you should consciously resist all kinds of temptations and protect your property safety.

㈦ What do legal professionals think about the blockchain that everyone is paying attention to?

As a mechanism for allocating social resources, law is determined by the objective requirements of social and economic development and directly affects the economy. the entire process of running. It can simplify the complexity of social relationships, save transaction costs, and help members of society conduct transactions safely, standardized, and orderly.
Blockchain technology is based on a legal framework and makes transaction information more secure and transparent and data more traceable through preset automatically executed smart contracts, greatly reducing the cost of legal execution and showing the mutual complementarity of law and technology. The integration with the economy has gradually made legal constraints and execution more intelligent.
What is blockchain?
Blockchain is an innovative application model of distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm and other computer technologies in the Internet era.
Blockchain is essentially a decentralized distributed ledger database. It itself is a series of data blocks generated using cryptographic correlation. Each data block contains information on the effective confirmation of multiple Bitcoin network transactions, which is used to verify the validity of its information (anti-counterfeiting) and generate the next zone. piece.
Foreign legal regulations on blockchain
Since blockchain technology itself is still in the exploratory stage and has not been applied on a large scale, only some countries have introduced special legislation for blockchain technology. .
United States
Vermont and Arizona passed bills to clearly define and support blockchain technology for public use. The bill stipulates the usage specifications of blockchain and smart contracts, and also declares all regulations related to the district. Blockchain-related data are “considered to be in electronic format and become electronic records,” which the state recognizes.
UK
"Distributed Ledger Technology: Beyond Blockchain" mentioned that the British federal government will invest in blockchain technology to analyze the potential of blockchain in traditional financial industries.
Singapore
The government supports financial technology companies such as blockchain technology and has launched a regulatory sandbox to provide a more tolerant development environment for blockchain start-ups.
my country’s legal regulations on blockchain
In addition to the above-mentioned policies for the blockchain itself, the international community has introduced a series of regulatory regulations for virtual currencies such as Bitcoin.
In our country, in addition to policies on the trading and financing of virtual currencies such as Bitcoin, the government has also issued many policy regulations on blockchain.
On December 27, 2016, blockchain technology was included in the State Council’s “Notice on Issuing the National Informatization Plan for the 13th Five-Year Plan”. At the same time, the State Council also issued a document "my country's Blockchain Industry is Expected to Lead the World" to support the healthy development of blockchain.
The "Guiding Opinions of the General Office of the State Council on Actively Promoting Supply Chain Innovation and Application" mentioned that research and use of new technologies such as blockchain and artificial intelligenceDevelop technology and establish a credit evaluation mechanism based on the supply chain. Promote the organic docking of various supply chain platforms and strengthen the disclosure and sharing of information such as credit ratings, credit records, risk warnings, illegal and untrustworthy behaviors.
The legal risks of blockchain technology in the eyes of lawyers
As a distributed system, blockchain is an innovative application in the field of technology. Judging from the current exploration results, its technical concept can provide various benefits to various industries. Industry development brings huge changes.
However, since the law has not yet issued clear industry standards and applicable specifications for blockchain, there will still be issues such as national supervision and legal regulation in the future.
Taking Bitcoin as a typical digital currency as an example, the first thing it faces is regulatory issues. Digital currencies such as Bitcoin developed based on blockchain technology are logically decentralized and opposed to centralized supervision.
Secondly, the application of blockchain technology also has to face huge risks. Still taking Bitcoin as an example, loss, theft, attacks, speculation, money laundering and various disturbances, doubts and incidents have always accompanied the development of Bitcoin.
The widespread application of blockchain technology is inseparable from smart contracts. The so-called smart contracts define commitments in the form of digital coding. The two parties to the transaction do not need to trust each other, and all transactions are enforced by code.
However, the form of smart contracts and the effectiveness of their contents have not been officially recognized by law and justice. It is not yet clear whether the contract text embodied in the form of digital encoding can constitute the requirements for a valid contract. Whether it can meet the authenticity, legality and validity of the evidence to be admitted in the judicial process.
Due to its decentralized nature, blockchain technology’s own rules will inevitably conflict and contradict with social rules and national legal rules. It is precisely conflicts and contradictions, risks and problems that can inspire more Motivation and imagination, including social, national and individual motivation and imagination.
Virtual currencies developed based on the application of blockchain technology have posed huge challenges to the legal currencies and financial systems of various countries during their transactions, and have caused investment risks and even social problems.

Is there any compliance risk in blockchain?

Blockchain technology itself does not violate any laws and regulations, so there is no compliance risk. However, in the actual application process, enterprises or individuals using blockchain technology need to comply with relevant legal and regulatory requirements.
For example, in China, using blockchain technology to conduct financial transactions or raise funds needs to comply with relevant laws and regulatory policies. In addition, if users' sensitive personal information is retained on the blockchain, it must also comply with relevant laws and regulations such as data protection.
Therefore, enterprises and individuals who adopt blockchain technology in field applications not only need to understand and comply with existing legal operations and regulations, but also need to pay close attention to the development trends of technology and regulations and make timely decisions. Adjustments and changes accordingly. Only by operating and conducting business in compliance with regulations can enterprises develop better and gain lasting competitiveness.Fight for advantage.

㈨Is Weihai Credit Mutual Aid 43800 legal?

Legal analysis: Blockchain investment currently has no clear laws to prove its legality in my country, and there is no law prohibiting the development of blockchain, but Blockchain investment also has very large legal risks under the appearance of high returns.

First of all, due to the lack of supervision, most of its circulation and transaction forms are similar to the issuance and listing of securities, and there are behaviors of setting up exchanges for trading. Its transaction process and transaction results are not transparent, and it is difficult to regulate when problems arise. Moreover, its price formation mechanism is not transparent, and transaction prices fluctuate greatly, which can easily cause investors to suffer huge losses.

Secondly, it has not been recognized by the central bank and cannot be used as currency in the country. Once it encounters policy supervision, it is likely to encounter the risk of no one taking over the price and the price will plummet. The property rights law does not clearly protect the corresponding provisions of digital currency. , Therefore, hyping the blockchain is equivalent to running naked in the cold winter, which is very dangerous.

Finally, although blockchain is not illegal, it does not rule out that it can be used as a currency outside supervision by a small number of fraudsters and illegal fund-raisers as a tool for illegal and criminal money laundering.

To sum up, although there is currently no legal basis for blockchain investment to be legal or illegal, since the formulation of laws is often later than the market, once it is regulated, the value of blockchain investment may no longer exist. In addition, The decentralized nature of blockchain technology can easily be used as a tool for illegal crimes. Therefore, it is recommended to be cautious in participating in blockchain investments to avoid irreversible risks.

Legal basis: Article 194 of the Criminal Law: Whoever commits financial bill fraud in any of the following circumstances and the amount is relatively large shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also be fined 20,000 yuan. A fine of not less than 50,000 yuan but not more than 200,000 yuan; if the amount is huge or there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than 10 years, and a fine of not less than 50,000 yuan but not more than 500,000 yuan; if the amount is particularly huge or there are other particularly serious circumstances , shall be sentenced to fixed-term imprisonment of not more than ten years or life imprisonment, and shall also be fined not less than 50,000 yuan but not more than 500,000 yuan, or have property confiscated:

(1) A bill of exchange, cashier's check, or check that is knowingly forged or altered and used;

(2) Using a money order, cashier's check, or check knowing that it is invalid;

(3) Using someone else's money order, cashier's check, or check fraudulently;

(4) Issuing bad checks or checks that do not match the reserved seal to defraud property;

(5) The drawer of a bill of exchange or cashier's check issues a bill of exchange without fund guarantee , cashier's check or making false records when issuing the check to defraud property.

Anyone who uses forged or altered entrusted collection vouchers, remittance vouchers, bank deposit certificates and other bank settlement vouchers shall be punished in accordance with the provisions of the preceding paragraph.