A recent opinion from Judge Sun Jie of the Shanghai Songjiang People’s Court has clarified that, under Chinese law, individuals are permitted to own cryptocurrencies like Bitcoin.

Judge Sun stated that cryptocurrencies are considered virtual commodities with property attributes, making personal ownership legal.

However, this recognition does not extend to commercial activities involving cryptocurrencies. Chinese regulations continue to prohibit businesses from engaging in cryptocurrency investments, token issuance, and related transactions.

These measures aim to prevent potential disruptions to economic and financial order and to curb illegal activities such as money laundering and fraud.

This legal perspective emerged from a case involving a dispute over an initial coin offering (ICO), which is considered illicit financing in China.

The court’s stance underscores the distinction between lawful personal ownership and prohibited commercial use of cryptocurrencies within the country.

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