Shanghai High People's Court: ”Virtual currency can be owned by individuals, but business is illegal financial activity”

The Shanghai High People's Court of China has ruled that while individuals can own crypto assets (virtual currencies) in China, business activities using virtual currencies are illegal.
On this day, Blockchain cited a precedent from the Shanghai Songjiang District High Court in which it said, "The Chinese court has determined in the said precedent that virtual currency is a type of virtual product with property attributes.
"The court further stated that while it is not illegal for an individual to simply hold virtual currency, virtual currency-related business activities are illegal financial activities," the report said.
On the other hand, Chinese courts have recognized the "property nature" of virtual currencies such as Bitcoin on multiple occasions.