On December 1, 2024, the Ministry of Public Security, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, and the People's Bank of China, jointly issued the "Measures for Combating Telecommunications Network Fraud and Related Illegal Criminals" which came into effect. Once the behavior of trading Virtual Money is identified as a target for new regulation and punishment, it means that all the cards under the name cannot be used, and there will be credit punishment for telephone cards. Does this mean that any transaction involving virtual currency will be included in the punishment?

In this regard, I also specifically consulted my lawyer fren, and now I will interpret the impact of the disciplinary measures on the crypto world for everyone. The new regulations are very clear, only crimes related to telecommunications fraud and related crimes or lending two cards (phone cards and bank cards) will be involved in criminal liability, which means that the act of purely trading Virtual Money will not be subject to disciplinary action.

So what behaviors will be punished? Only those who trade Virtual Money or help others rise to criminal offenses are subject to punishment. For example, if your trading of Virtual Money constitutes the crime of aiding and abetting, concealing, fraud, and other criminal offenses, or if you provide a bank card to trade Virtual Money with the other party (in short, selling U, etc.), and the other party is involved in criminal offenses such as aiding and abetting, then you will be punished.

Do you understand now?