Beijing is exploring a disposal mechanism for the virtual currencies involved in the case, entrusting the Beijing Stock Exchange to sell them publicly through a Hong Kong-licensed exchange.
PANews reported on August 3rd that according to China Economic Net, since my country strictly banned virtual currency transactions in 2021, the disposal of virtual currencies involved in the case has become a major challenge. The Beijing Municipal Public Security Bureau's Legal Affairs Corps has partnered with the Beijing Equity Exchange to establish a cooperative mechanism for the disposal of virtual currencies involved in the case. The main process is as follows: public security organs entrust the physical virtual currencies involved in the case to the Beijing Equity Exchange for disposal. The Beijing Equity Exchange selects professional service agencies to conduct inspection, receipt, and transfer of the virtual currencies involved. The funds are then sold publicly through a licensed exchange in Hong Kong, with the proceeds transferred to a special account for public security organs. The funds are then confiscated and turned over to the state treasury or returned to the victims in accordance with the law.
Following the designed process, the multi-departmental collaboration established through the agreement ensures the orderly completion of virtual currency transfers, price inquiries, transactions, exchange settlements, and account entry. After multiple rounds of discussions, all preparations were complete. On March 29th, the Legal Affairs Corps guided the Shunyi Branch to sign the "Virtual Currency Disposal Business Agreement" with the Beijing Stock Exchange.
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