正本清源之三：在中国持有和交易“虚拟货币”的法律分析

　　“虚拟货币”（Cryptocurrency）在很多宣传中被定位为“货币”或者“金融投资产品”，但不论每个人如何认知，可以肯定的是，在金融范畴内，“虚拟货币”并非“货币”。虽然在中国没有专门针对“虚拟货币”的立法，但根据中国人民银行等七部委于2017年9月4日发布的《关于防范代币发行融资风险的公告》（以下简称“94公告”），所谓的“‘虚拟货币’不由货币当局发行，不具有法偿性与强制性等货币属性，不具有与货币同等的法律地位，也不能作为货币在市场上流通使用。

The “virtual currency” (Cryptocurrence) has been identified in many propaganda as a “currency” or “financial investment product”, but it is certain that “virtual currency” is not a “currency” in the financial context, regardless of everyone's perception. Although there is no specific legislation in China on “virtual currency”, according to the Proclamation on Protection against the Risk of Money Issue Financing (hereinafter “No. 94”), issued by seven ministries, including the People's Bank of China, on 4 September 2017, the so-called “virtual currency” is not issued by the monetary authorities, has no monetary attributes, such as legality and compulsoryity, does not have the same legal status as the currency, nor can it be used as a currency in the market.

　　另外，根据《关于防范比特币风险的通知》（银发[2013]289号）（以下简称“289号文”）的规定，从性质上看，比特币应当是一种特定的虚拟商品，不具有与货币等同的法律地位，不能且不应作为货币在市场上流通使用。因此，根据94公告、289号文等中国现行金融监管政策，“虚拟货币”属于没有经过合法注册的涉金融和投资属性的事物，“虚拟货币”在金融领域是被禁止与法定货币兑换、买卖或作为中央对手买卖，或进行发行融资交易的。

In addition, according to the Circular on Protection against the Risk of Bitcoin (Silver Issue No. [2013] 289) (hereinafter “Doc. 289”), by its very nature, Bitcoin should be a specific virtual commodity that has no legal status equivalent to that of a currency and cannot and should not be used as a currency in the market. Thus, according to China's current financial regulatory policy, such as Proclamation No. 94, Circular No. 289, “virtual currency” is a matter of financial and investment-related nature that is not legally registered, and “virtual currency” is prohibited in the financial sphere from being exchanged, sold or traded as a central counterpart, or from issuing financing transactions.

　　但因为“虚拟货币”的去中心化和可离线交易的特点，从技术和监管角度又难以做到让其在国内完全消失。因此，近年来国内持有和交易“虚拟货币”的人群仍然广泛存在。虽然这仍是一个小众市场，但随着数字经济的高速发展，参与“虚拟货币”的人群越来越多，可能对中国金融监管和社会秩序产生影响。

In recent years, therefore, the number of people holding and trading “virtual money” in the country has remained widespread. While this is still a small market, with the rapid growth of the digital economy and the growing number of people involved in “virtual money” may have an impact on China’s financial regulation and social order.

　　本文的目的是根据94公告、289号文对中国公民在中国境内持有和交易“虚拟货币”进行分析。因为“虚拟货币”存在形式和所用技术的特殊性，本文将从多个场景入手开展尽量全面的分析和讨论。

The purpose of this paper is to analyse the “virtual currency” held and traded by Chinese citizens in China on the basis of the 94th Proclamation, No. 289. Since “virtual currency” exists and the speciality of the technology used, it will be analysed and discussed as comprehensively as possible in a number of contexts.

　　本文所称的“虚拟货币”不包括各国已发行或将发行的法定数字货币，同时本文也不涉及中国境内主体使用“虚拟货币”作为购买、投资或经营传统业务的支付或收款手段的情况。

The term “virtual currency” in this paper does not include the statutory digital currency that has been or will be issued in each country, nor does it deal with the use of “virtual currency” by subjects in China as a means of payment or collection for the purchase, investment or operation of traditional business.

　　一、“虚拟货币”的取得

i. Access to “virtual currency”

　　1. 当事人为自然人，在中国境内，在没有支付任何对价的情况下，通过挖矿、空投或接受赠与等方式取得“虚拟货币”，94公告、289号文并未予以明确禁止，但金融监管层面是不支持上述活动的；

1. & nbsp; the person concerned is a natural person who, in the territory of China, obtains a “virtual currency” through mining, airdrops or gifts, without payment of any price, which is not expressly prohibited by proclamation 94 or circular 289, but whose activities are not supported at the level of financial supervision;

　　2. 当事人为自然人，在中国境内，通过支付法定货币，从某组织或个人处取得的“虚拟货币”，94公告、289号文并未予以明确禁止，但该出售虚拟货币的组织或个人可能从事因发售、提供法定货币与“虚拟货币”间兑换等业务而涉嫌违法；

& nbsp; a person who is a natural person and who, in the territory of China, obtains a “virtual currency” from an organization or person through the payment of a legal tender, which is not expressly prohibited by proclamation 94 or circular 289, may be suspected of violating the law in connection with the sale, provision of a legal currency and exchange of a “virtual currency”;

　　3. 当事人为中国公民，在中国境外，通过合法出境的资金从任何其他方购买“虚拟货币”，94公告、289号文并未予以明确禁止；

& nbsp; the person concerned is a Chinese citizen who, outside China, buys “virtual currency” from any other party through funds legally exported from China, which is not expressly prohibited by proclamation No. 94, No. 289;

　　4. 当事人本身持有合法取得的某种“虚拟货币”，通过以币币交易的形式，取得另外一种“虚拟货币”，在不涉及洗钱的情况下，94公告、289号文并未予以明确禁止。

  the parties themselves hold a legally acquired “virtual currency” by acquiring another “virtual currency” in the form of a currency transaction, which is not expressly prohibited by Proclamation No. 94 and No. 289 in the absence of money-laundering.

　　二、“虚拟货币”的卖出和提现

ii. Sale and withdrawal of “virtual currency”

　　1. 持有人将持有的“虚拟货币”免费赠与其他人，94公告、289号文并未予以明确禁止，且289号文界定比特币具有虚拟商品的属性，从法理角度理解，作为虚拟商品的赠与行为应属于意思自治的范畴，但受赠方需就免费取得的资产向中国税务机关申报个人所得税，如未进行纳税申报，则涉嫌偷税漏税行为；

1. & nbsp; the holder grants the “virtual currency” held free of charge to other persons, which is not expressly prohibited by proclamation 94 or by communication 289, which defines Bitcoin as a virtual commodity and which, from a legal point of view, should be subject to autonomy, provided that the grantee submits to the Chinese tax authorities a personal income tax on the assets acquired free of charge or, in the absence of a tax declaration, is suspected of tax evasion;

　　2. 持有人以支付人民币的方式在境内买入“虚拟货币”，再通过任何形式卖出提现为外币，或者持有人以支付外币的方式在境外买入“虚拟货币”，再通过任何形式卖出提现为人民币，在上述情况下，无论买入与卖出之间经过多少次币币交易转换，其本质上违反了中国外汇管制相关规定并涉嫌洗钱犯罪；

& nbsp; if the holder buys a “virtual currency” in the country by paying the renminbi, then sells it in foreign currency in any form, or buys it abroad in the form of payment in foreign currency, and then sells it in any form as a renminbi in any form, in which case, regardless of how many currency transactions have been exchanged between the purchase and the sale, it is inherently in violation of the relevant provisions of China's foreign exchange control and is suspected of money-laundering offences;

　　3. 持有人为中国公民，将持有的“虚拟货币”卖出提现后，不论地区和币种，只要有盈利，均需向中国税务机关申报个人所得税，如未进行纳税申报，则涉嫌偷税漏税行为；

& nbsp; if the holder is a Chinese citizen, after the sale of the “virtual currency” held in China, the individual income tax must be declared to the Chinese tax authorities for any profit, irrespective of the region and currency, and if no tax declaration is made, tax evasion is suspected;

　　4. 持有人将合法取得的“虚拟货币”，在不涉及洗钱和偷税漏税的情况下，以个人对个人的交易方式转让给其他人，94公告、289号文并未予以明确禁止，但不被政策鼓励；

& nbsp; the holder transfers the legally acquired “virtual currency” to another person in the form of an individual's transaction without involving money-laundering and tax evasion, which is not expressly prohibited by Proclamation No. 94, No. 289 but not encouraged by policy;

　　5. 持有人为中国公民，在知情的情况下，将其持有的“虚拟货币”卖出给他人，变相协助他人将资金非法出入境，则同样涉嫌洗钱犯罪，如果他人资金本身为非法所得，则可能涉及更多项犯罪。

& nbsp; the holder is a Chinese citizen who knowingly sells to others the “virtual currency” held by him or her to assist in the illegal entry and exit of funds into and out of China, is also suspected of money-laundering offences and may involve more offences if the funds of another person are illicitly acquired.

　　三、“虚拟货币”的交易服务

iii. Trading services for “virtual currency”

　　1. 任何组织或个人在中国境内提供“虚拟货币”信息，包括提供个人间交易的撮合信息，涉及94公告规定的为代币或“虚拟货币”提供定价、信息中介等服务的，被予以禁止；

& nbsp; information on “virtual currency” provided by any organization or individual in China, including information on brokering of transactions between individuals, in connection with pricing, information brokering, etc., for a token currency or “virtual currency”, as stipulated in the 94th Proclamation, is prohibited;

　　2. 任何组织或个人在中国境内或境外提供“虚拟货币”交易服务，并在中国境内建立人民币通道和资金池，收取交易手续费等行为，被法律禁止；

& nbsp; any organization or person providing a “virtual currency” transaction service within or outside China and establishing in China a channel and pool of funds for the renminbi and collecting transaction fees are prohibited by law;

　　3. 任何组织或个人在中国境内发行“虚拟货币”，并集资人民币，被法律禁止，并涉嫌非法吸收公众存款罪或集资诈骗罪；

& nbsp; any organization or person issuing a “virtual currency” in China and collecting the renminbi is prohibited by law and is suspected of unlawful absorption of public deposits or of capital fraud;

　　4. 任何组织或个人在中国境内发行“虚拟货币”或提供相应交易服务，形成组织体系，通过个人之间交易的形式开展业务的，被法律禁止，并涉嫌非法经营罪、非法吸收公众存款罪或集资诈骗。如果组织体系内设置有不同层级以及提成机制，还可能涉嫌传销罪；

& nbsp; any organization or individual issuing a “virtual currency” or providing a corresponding transactional service in China, forming an organizational system, operating through transactions between individuals, which is prohibited by law and is suspected of illegal operations, illegal absorption of public deposits or fund-raising fraud.

　　5. 任何组织或个人利用“虚拟货币”的交易特点，主观提供绕过中国外汇管制的资金出入境服务的，形同地下钱庄服务，涉嫌洗钱罪。

& nbsp; any organization or individual who uses the characteristics of a transaction called “virtual currency” to provide subjective entry and exit services for funds bypassing China's foreign exchange controls, as in the case of underground money houses, is suspected of money-laundering offences.

　　总体来说，如果个人在境内希望购买和持有“虚拟货币”，可以有比较合法的方式实现，但在卖出环节，触犯法律的可能性就很高。任何在中国有组织并涉及到资金池的“虚拟货币”发行和交易服务基本上都违反了中国现行法律法规。

In general, if an individual wishes to buy and hold a “virtual currency” in the country, it can be done in a more legal manner, but the risk of breaking the law is high when selling the link. Any “virtual currency” issuance and transaction services that are organized in China and involve a pool of funds are largely in violation of existing Chinese laws and regulations.

　　在多个地方法院的裁判文书中，认定“虚拟货币”为资产并给予保护。挖矿获取“虚拟货币”也并未违反94公告、289号文的禁止性规定，但需要有变现的渠道。以个人的方式从挖矿企业那里收购“虚拟货币”不违反上述94公告、289号文的禁止性规定，但收购后，再次销售则可能触发反洗钱和反非法集资的金融监管，导致账户被封等法律责任。

In several local court decisions, “virtual currency” is recognized as an asset and protected. The mining of “virtual currency” is not a violation of the prohibition of 94 proclamations, 289, but requires a means of realization. The buying of “virtual currency” by individuals from mining enterprises is not a violation of the prohibition of 94 proclamations, 289, but, after the acquisition, re-selling may trigger legal liability such as anti-money-laundering and anti-illegal fund-raising financial supervision, leading to the closure of accounts.

　　“虚拟货币”经过十几年的发展，在区块链技术普及上具有非常正面的意义，并且“虚拟货币”的发展，也加速了各国货币管理部门积极研究和推动法定数字货币。法定数字货币的广泛使用，会极大地促进资金流通效率，将会对商业世界产生巨大的正面影响。而这一切，也得益于“虚拟货币”行业的创新和尝试。法定数字货币和“虚拟货币”不同之处主要在于是否合法关联线下资产。目前“虚拟货币”仍然是以金融游戏或模拟盘的方式存在，与现实世界的劳动和生产没有任何关联，要突破这个局限，就需要各国针对数字资产进行详细立法，通过法律将线下资产关联到Token上，类似目前股票交易所的信息化系统内的一串码就代表了股权的合法持有一样。

The development of “virtual currency” after more than a decade has been very positive in terms of technology diffusion in block chains, and the development of “virtual currency” has also accelerated the active research and promotion of statutory digital currencies by national monetary administrations. The widespread use of statutory digital currencies will greatly enhance the efficiency of financial flows and will have a significant positive impact on the business world.

　　不论“虚拟货币”对区块链技术的普及具有多么大的积极影响，在实际操作层面，持有和交易“虚拟货币”都必须严格遵守所在国家法律法规。公众应对中国有关“虚拟货币”的相关法律法规有一定的认识，以便在接触到“虚拟货币”时，能够严格守法合规。“虚拟货币”受众范围非常小，专业性也很强，建议普通大众在没有相关知识的情况下，不要轻易涉足，避免在无意识的情况下触犯法律。

Regardless of the positive impact of “virtual currency” on the diffusion of block-chain technology, at the operational level, holding and trading “virtual currency” must strictly comply with the laws and regulations of the country in which it is located. The public should be aware of China’s laws and regulations relating to “virtual currency” so that, when exposed to “virtual currency,” compliance with the law can be strictly enforced.

　　（作者：国家信息中心信息化和产业发展部单志广、何亦凡。来源：人民网）