每经编辑｜何小桃 宋思艰 2月23日，加密货币再度大跌。比特币下挫，一度跌超5%，跌破65000美元关口。截至发稿，比特币跌幅收窄至2.46%，报66418美元/枚。 主要加密货币多数走低，截至发稿，以太坊跌超3%，XRP币、FIL币下挫。 据中国基金报，加密分析公司CryptoQuant的交易者兼分析师Carmelo Alemán认为，比特币已进入熊市，大部分市场参与者将遭受损失。 据智通财经，全球知名独立宏观与市场策略研究机构Ned Davis Research的策略师近日在给客户的一份报告中表示，尽管过去几个月已遭遇大幅抛售，但 比特币仍存在潜在的下行空间。 该机构首席主题策略师Pat Tschosik和分析师Philippe Mouls表示，如果本轮熊市演变成一场全面的比特币寒冬，该加密货币的价格可能会跌至31000美元。 若进一步跌至31000美元的水平，意味着较当前水平还要再跌约55%。 回顾过去12个月的整体走势，比特币自去年2月起以约9.6万美元为起点，历经短期波动后逐步上行，并于7月至10月期间持续维持在11万美元以上高位， 最终在10月初触及12.5万美元的峰值。 然而这一高位未能维持，进 ...

Core Viewpoint - The issuance of Document No. 42 marks a significant shift in China's regulatory approach to virtual currencies, transitioning from fragmented responses to a systematic reconstruction of regulations, including the inclusion of stablecoins and RWA (Real World Asset tokenization) under regulatory oversight [2][3]. Regulatory Policy Evolution - The evolution of China's virtual currency regulation can be categorized into four distinct phases: 1. **2013**: Initial classification of Bitcoin as a "specific virtual commodity" with a cautious observation approach [4]. 2. **2017**: Introduction of the ICO ban and the requirement for existing ICO projects to arrange for refunds, marking a shift to strict limitations [5]. 3. **2021**: Comprehensive crackdown on all virtual currency-related activities, defining them as "illegal financial activities" [6]. 4. **2026**: Systematic reconstruction with Document No. 42, expanding regulatory scope to include stablecoins and RWA, and enhancing legal frameworks [7]. Innovations in Document No. 42 - Document No. 42 introduces three major innovations: 1. **Stablecoins**: Clearly defined and regulated, with restrictions on issuing stablecoins linked to the Renminbi without approval, emphasizing currency sovereignty [8][9]. 2. **RWA**: Introduced under a "principle of prohibition, with exceptions upon approval" framework, allowing for regulated activities under specific conditions [10]. 3. **Overseas Operations Control**: Extends regulatory oversight to the global activities of domestic entities, marking a shift from domestic to global regulatory logic [11]. Legal Responsibilities - The addition of a dedicated chapter on legal responsibilities in Document No. 42 establishes clear administrative and criminal liabilities for violations, addressing previous gaps in enforcement [12]. Legal Classification Dimensions - The legal classification of virtual currencies in China is complex, involving civil, administrative, criminal, and foreign exchange control dimensions: 1. **Civil Aspect**: The recognition of virtual currencies as property has evolved, but contract validity remains contentious [14][15]. 2. **Administrative Aspect**: Strengthened regulatory defenses against financial institutions and enhanced information control measures [16]. 3. **Criminal Aspect**: Expansion of criminal charges related to virtual currencies, including fraud and money laundering [17][18]. 4. **Foreign Exchange Control**: Concerns over the use of virtual currencies like USDT for circumventing foreign exchange regulations [19]. Judicial Practice Developments - Recent trends in judicial practice indicate a move towards nuanced rulings in virtual currency disputes, reflecting a shift from blanket prohibitions to more refined adjudications [20][21]. - The judicial system is exploring practical solutions for the disposal of seized virtual currencies, indicating a willingness to adapt within the regulatory framework [22]. International Comparison - China's regulatory approach contrasts with global paradigms, highlighting a unique stance characterized by comprehensive prohibitions while observing developments in regions like Hong Kong and Singapore [24][25]. - The regulatory landscape in Hong Kong, with its dual-track system, provides a potential model for balancing innovation and regulation in mainland China [26]. Future Trends - The implementation of supporting regulations for Document No. 42, the specific pathways for RWA registration, and the progression of dedicated virtual currency legislation are anticipated areas of focus [27].

Core Viewpoint - The Shanghai High Court has issued guidelines for the disposal of virtual currencies in criminal cases, aiming to enhance the recovery of assets for victims while navigating the complexities of virtual currency regulations [1][4]. Group 1: Shanghai Court's Approach - The Shanghai Baoshan Court successfully disposed of over 90,000 FIL coins using a "domestic entrustment, overseas disposal, closed-loop return" model [1][2]. - This model involves entrusting the virtual currency to a third-party institution, which then collaborates with qualified overseas agents to complete the transaction on a licensed virtual asset trading platform in Hong Kong [2][7]. - The funds from the disposal are converted and transferred to a dedicated account for the court, ensuring compliance with national foreign exchange regulations [2][7]. Group 2: Comparison with Beijing's Model - Beijing has also developed an innovative approach for handling virtual currencies, involving the Beijing Property Exchange and licensed trading platforms in Hong Kong [3][4]. - Both Shanghai and Beijing's models share a common goal of utilizing compliant platforms for overseas disposal, but differ in operational execution; Shanghai relies on third-party institutions while Beijing uses the Property Exchange [3][4]. Group 3: Legal and Regulatory Context - The legal status of virtual currencies in China is complex, with regulations prohibiting certain activities while recognizing virtual currencies as protected digital assets under the Civil Code [6][7]. - The Shanghai court's actions reflect a balance between regulatory compliance and asset protection, aiming to maximize recovery for victims while adhering to legal frameworks [6][7].

Group 1 - Ant Group's CEO, Han Xinyi, stated that the company will not issue virtual currencies or engage in any form of speculation, emphasizing that compliance is the lifeline of innovation [2] - The Shanghai High People's Court successfully disposed of over 90,000 FIL coins, marking a significant step in the legal handling of virtual currencies in criminal cases [4] - Zhao Changpeng and Binance have donated over $40 million to charity, benefiting approximately 3.8 million people since 2018, showcasing the use of blockchain for transparency in philanthropy [5] Group 2 - Hong Kong's Chief Executive, John Lee, announced the implementation of a stablecoin issuer system, with the Hong Kong Monetary Authority promoting tokenized deposits and asset transactions [7] - Yunfeng Financial announced the issuance of its first Real-World Asset (RWA) project, marking a breakthrough in the integration of traditional finance and blockchain technology [9] - Winner Fashion and Derlin Holdings have reached a strategic cooperation agreement regarding RWA tokenization plans, indicating a growing trend in the fashion industry towards blockchain integration [6]