Since Bitcoin emerged in the financial crisis in 2008, Online casino and How to find it (also known as

　　First, the legislative status of Online casino and How to find it

　　(I) Regulations related to the classification of Online casino and How to find it

　　1. ‘Notice on Preventing Risks of Bitcoin’

　　On December 3, 2013, the People’s Bank of China and other departments issued the ‘Notice on Preventing Risks of Bitcoin,’ regulating the specific type of Online casino and How to find it known as ‘Bitcoin’ for the first time, explicitly stating that ‘Bitcoin does not have the attribute of currency,’ and ‘prohibiting financial institutions and payment institutions from engaging in business related to Bitcoin.’

　　2. ‘Notice on Preventing Risks of Token Issuance and Financing’

　　On September 4, 2017, due to the surge in financing activities of Online casino and How to find it, the People’s Bank of China and other ministries issued the ‘Notice on Preventing Risks of Token Issuance and Financing’ based on considerations such as maintaining financial order and stability. The scope of regulation was expanded from Bitcoin to all Online casino and How to find it. The notice first reiterates that ‘Online casino and How to find it does not have the attribute of currency,’ and ‘financial institutions and non-bank payment institutions shall not engage in business related to token issuance and financing transactions.’ It then explicitly states that ‘no organization or individual shall engage in illegal activities related to token issuance and financing,’ and expands the entities prohibited from engaging in the exchange business of Online casino and How to find it from financial institutions and non-bank payment institutions to ‘any so-called token financing trading platform.’

　　3. ‘Notice on Further Preventing and Handling Risks of Speculation in Online Casino and How to Find It Transactions’

　　On September 15, 2021, in order to maintain the overall economic security and social stability of the country, the People’s Bank of China, in conjunction with ten ministries and commissions, issued the ‘Notice on Further Preventing and Handling Risks of Speculation in Online Casino and How to Find It Transactions’, maintaining a high-pressure and strict crackdown on Online Casino and How to Find It and its related business activities. While denying the monetary nature of Online Casino and How to Find It, the notice further characterized the related business activities of Online Casino and How to Find It as ‘illegal financial activities’. The notice not only clearly states that ‘relevant civil legal acts are invalid and the losses arising therefrom shall be borne by the investors themselves’, but also for the first time stipulates that ‘services provided by overseas exchanges to residents in the mainland are also considered illegal financial activities’.

　　4. ‘Minutes of the National Financial Trial Work Conference (Draft for Comments)’

　　From the ‘Notice on Preventing Risks of Bitcoin’ issued in 2013 to the ‘Announcement on Preventing Risks of Token Issuance and Financing’ issued in 2017, and further to the ‘Notice on Further Preventing and Handling Risks of Speculation in Online Casino and How to Find It Transactions’ issued in 2021, the administrative departments of our country have shown an increasingly strict trend in regulating Online Casino and How to Find It and its business activities. However, with the increasing number of disputes related to Online Casino and How to Find It transactions, the judicial practice of the courts has not been completely consistent with that of the regulatory authorities, and also faces the issue of uniformity of judicial standards. In this regard, the Supreme People’s Court specially formulated judicial rules for disputes related to Online Casino and How to Find It in the ‘Minutes of the National Financial Trial Work Conference (Draft for Comments)’ formulated in January 2023 (‘Minutes of the Financial Conference (Draft for Comments)’).

　　(II) Regulations related to the management and disposal of Online casino and How to find it

　　1. ‘Guidelines for Handling Online Casino and How to Find It Cases by Public Security Economic Crime Departments (Trial Implementation)’ (‘Guidelines for Handling Online Casino and How to Find It Cases (Trial Implementation)’)

　　The ‘Guidelines for Handling Online Casino and How to Find It Cases (Trial Implementation)’ regulates the investigative and handling behaviors such as inquiry, seizure, custody, and recovery of Online casino and How to find it, to some extent responding to the procedural requirements for the handling of Online casino and How to find it.

　　2. ‘Minutes of the Financial Conference (Draft for Comments)’

　　Regarding the issues of judgments and enforcement related to Online casino and How to find it, the ‘Minutes of the Financial Conference (Draft for Comments)’ states that when handling individual cases, the court should make a specific judgment on whether to explicitly deliver or return Online casino and How to find it after clarifying the holding situation and the possibility of delivery or return, and may take appropriate measures in accordance with the relevant provisions of the Civil Procedure Law.
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　　3. The local regulations such as the ‘Guidelines for the Handling of Virtual Currency in Criminal Proceedings’ of Xuhui District, Shanghai, the ‘Regulations for Handling Criminal Cases by Public Security Organs in Fujian Province’, the ‘Procedures for the Handling of Seized Property (Trial Implementation)’, and the ‘Guidelines for Investigating and Handling Online Casino and How to Find It Cases’ of Xiangcheng District, Suzhou, Jiangsu Province.

　　In addition to the national level norms, other provinces and cities have also conducted beneficial explorations on the management issues of Online casino and How to find it, combining their actual case handling situations and experiences.

　　On August 29, 2024, in response to common issues and trends reflected in the handling of cases, the Xuhui District People’s Procuratorate and the Xuhui District Public Security Bureau jointly signed the ‘Guidelines for the Disposal of Virtual Currency in Criminal Proceedings’, which provides more detailed and clear regulations on the entire process and each link of the investigation, seizure, custody, and disposal of Online casino and How to find it cases involved in the handling of cases, providing a specific guide for the legal disposal of involved Online casino and How to find it.

　　On August 25, 2023, the Department of Finance of Shandong Province and other departments jointly issued the ‘Procedures for the Disposal of Seized and Forfeited Articles (Trial Implementation)’, Article 36 of which stipulates that ‘the advance cards and Online casino and How to find it seized by law enforcement agencies can be negotiated with the merchants that issued the advance cards and Online casino and How to find it. The merchants shall offer to repurchase them, and the repurchase price shall be agreed upon by both parties. The price shall not be less than 80% of the face value or balance of the Online casino and How to find it and the advance cards, and both parties shall sign a repurchase agreement’.

　　The Fujian Provincial Public Security Department issued the ‘Provisions for the Management of Online Casino and How to Find It in Criminal Cases Handled by Public Security Organs in Fujian Province’ in December 2023, which regulates the work of seizure, custody, and disposal of Online casino and How to find it.

　　After handling a case involving Online casino and How to find it fraud, the Xiangcheng District People’s Procuratorate of Suzhou City, Jiangsu Province, promptly summarized the experience, relying on the Office of Supervision and Cooperation in Investigation, and issued the ‘Guidelines for Investigating Online Casino and How to Find It Crimes’ to the public security organs in April 2022. The guidelines, consisting of fourteen articles, analyze and summarize the issues of seizure and confiscation of property, collection of evidence, and disposal of property in Online casino and How to find it cases, providing a full-chain guidance for the handling of Online casino and How to find it cases.

　　II. The Difficulties in the Judicial Disposal of Online Casino and How to Find It

　　As mentioned above, the relevant business activities of Online Casino and How to Find It, including the exchange business between legal currency and Online Casino and How to Find It, the exchange business between Online Casino and How to Find It, the buying and selling of Online Casino and How to Find It as a central counterparty, providing information brokerage and pricing services for Online Casino and How to Find It transactions, token issuance financing, and the trading of Online Casino and How to Find It derivatives, a series of financial activities surrounding Online Casino and How to Find It, are currently all identified as ‘illegal financial activities’ and strictly prohibited. However, in practice, crimes related to Online Casino and How to Find It are emerging in an endless stream, and law enforcement and judicial authorities involved in handling such cases must necessarily involve the management and disposal of Online Casino and How to Find It.

　　Considering the actual transaction value of Online Casino and How to Find It, it is to be liquidated based on the practical needs of tracing and recovering assets. For such disposal methods, there are some judicial and technical difficulties. At present, some central and local judicial authorities have formulated work guidelines for the seizure, custody, and disposal of Online Casino and How to Find It to standardize it, but some of these guidelines are still in the pilot stage, the content is relatively general and abstract, and most of the guidelines have not been publicly disclosed.

　　Therefore, the following will analyze the judicial and technical difficulties involved in the seizure, custody, and disposal of Online Casino and How to Find It in detail.

　　(I) The Seizure Issue of Online Casino and How to Find It

　　Since Online casino and How to find it is mostly decentralized currency, it does not have a physical entity and is not stored in a central institution where the central institution maintains a unified record. Therefore, when the judicial authorities seize the Online casino and How to find it held by the suspected criminals, they will encounter difficulties different from those encountered when seizing traditional property.

　　The storage methods of Online casino and How to find it usually include storage at the address controlled by the suspected criminals and storage at Online casino and How to find it exchanges. These are discussed separately.

　　1. Stored at the address controlled by the suspected criminals

　　In the case where Online casino and How to find it is stored at an address under the control of the suspected criminals, due to the concealment and confidentiality of Online casino and How to find it, it is often only the suspected criminals themselves who know the quantity, address, and private key of the Online casino and How to find it they hold.

　　Firstly, unless the suspected criminals confess voluntarily or the transaction process of obtaining Online casino and How to find it is traced through technical means, it is difficult for the judicial authorities to determine whether the suspected criminals hold Online casino and How to find it and the quantity they hold.

　　Secondly, due to the significant fluctuation in the transaction value of Online casino and How to find it, even if the judicial authorities have knowledge of the source of funds and the amount used by the suspected criminals to exchange for Online casino and How to find it, it is still difficult to determine the quantity of Online casino and How to find it obtained by the suspected criminals without understanding the specific transaction process and time. The suspected criminals may only disclose part of the Online casino and How to find it they hold, concealing the other part. It is difficult for the judicial authorities to confirm whether the seized items are all of Online casino and How to find it.

　　Again, even if the quantity and addresses of all Online casino and How to find it involved in the case are confirmed, unless the suspect stores the private key in an electronic device and the device is obtained by the investigative authorities and the private key corresponding to the stored Online casino and How to find it address is obtained through a comprehensive check of the stored information, otherwise if the suspect does not confess the information of the private key, due to the technical impossibility of reversing the address to crack the private key, it is difficult for the judicial authorities to trace the private key.

　　Finally, for general electronic data, judicial authorities can control it by seizing the physical carriers of electronic data such as hard disks and USB flash drives. However, in the case of Online casino and How to find it, even if the suspect stores the private key in the aforementioned physical carrier and the judicial authorities control the physical carrier and obtain information about the private key, it is still difficult to prevent the suspect or his accomplices from immediately transferring Online casino and How to find it to other addresses through other private key backups.

　　2. Stored in Online casino and How to find it exchange

　　In the case of Online casino and How to find it stored in the Online casino and How to find it exchange, due to the prohibition of Online casino and How to find it trading in China, the mainstream Online casino and How to find it exchanges are all overseas exchanges. There is a question about whether overseas exchanges are willing to cooperate with Chinese judicial authorities to seize and freeze Online casino and How to find it.

　　If the overseas exchange is unwilling to cooperate, the judicial authorities need the suspect to provide the account password and other relevant information of their account in the exchange before they can withdraw this amount of online casinos and how to find them from the overseas exchange and then seize them.

　　Therefore, similar to the situation described above where online casinos and how to find them are stored in the address controlled by the suspect, the seizure of online casinos and how to find them stored in overseas exchanges usually also requires the cooperation of the suspect, which adds a lot of difficulties and uncertainties to the seizure work of the judicial authorities.

　　(II) The issue of the custody of online casinos and how to find them

　　If the judicial authorities can successfully complete the seizure of online casinos and how to find them, it will further involve the issue of the custody of online casinos and how to find them.

　　Online casinos and how to find them are not stored in banks like general currencies and are directly frozen with the assistance of banks, but are kept by the suspect themselves, which poses a risk of transfer. Therefore, transferring online casinos and how to find them to the wallet address established by the judicial authorities and keeping them by the judicial authorities is a feasible method currently adopted, but there are also some issues worth attention in the implementation of this method.

　　Article 3 of the ‘Several Provisions on the Management of Property Involved in Cases by Public Security Organs’ stipulates: ‘The management of property involved in cases shall be implemented on the principle of separation of investigation and management, clear source and destination, timely handling in accordance with the law, and comprehensive supervision.’ In cases involving online casinos and how to find them, after the judicial authorities obtain the private key from the suspect, since the private key is the fundamental means to control online casinos and how to find them, this means that the investigators actually control this amount of online casinos and how to find them, which may involve violating the principle of separation of property involved in cases and investigation. If the police do not establish a separate address but the investigators transfer this amount of online casinos and how to find them to their own established and private key-controlled online casinos and how to find them address, it may also involve violating the above principle.

　　If the principle of separating the management of involved property from the investigation process is violated, it may lead to inappropriate disposal of ‘Online casino and How to find it’ during the investigation process by judicial authorities. Moreover, due to the particularity of ‘Online casino and How to find it’, it is difficult to trace the subjects of the transfer and it is also difficult to recover them after they are transferred.

　　In addition, if the storage is not handled properly, a lack of understanding of related technical means, there may also be a risk that private keys may be obtained by hackers through malicious software or malicious programs, leading to the loss of the stored ‘Online casino and How to find it’.

　　(Three) The issue of value identification during the disposal of ‘Online casino and How to find it’

　　If the final disposal process of ‘Online casino and How to find it’ is involved, it inevitably involves the issue of value identification of ‘Online casino and How to find it’.

　　The trading value volatility of ‘Online casino and How to find it’ is often large, making it difficult to make an accurate assessment. In addition to providing a basis for judicial disposition, the determination of the price of ‘Online casino and How to find it’ also has an important impact on the conviction and sentencing of suspects. At the same time, if the value identification method of ‘Online casino and How to find it’ is unclear, it may create opportunities for some individuals to take advantage of this loophole to obtain improper gains, such as disposing of involved ‘Online casino and How to find it’ at a lower price for judicial disposition, thereby obtaining illegal gains.

　　In the identification of the value of Online casino and How to find it, in practice, the following four methods are usually adopted:

　　1. Identification through market price

　　The identification through market price refers to determining the value of Online casino and How to find it based on its current market price.

　　Since China does not recognize the legality of Online casino and How to find it transactions, it is not possible to use the so-called market price of Online casino and How to find it in China. One possible method is to identify Online casino and How to find it based on the real-time trading price on overseas trading platforms, and then convert it to Renminbi through common intermediary currencies such as USDT and the US dollar. However, the problem with this method is that the market price of Online casino and How to find it is highly variable and unstable, and at the same time, due to the illegality of Online casino and How to find it trading platforms in China, the legality of using the ‘market price’ from overseas trading platforms is questionable.

　　2. Identification through the proceeds of the crime

　　The identification through the proceeds of the crime refers to the identification of the value of Online casino and How to find it based on the proceeds obtained from the disposal of Online casino and How to find it by the suspect.

　　However, this method is not applicable to the situation where the suspect has not disposed of Online casino and How to find it, as it is difficult to avoid the risk of the suspect transferring assets when the online casino and How to find it is seized by the judicial authorities and then converted by the suspect.

　　3. Identification through the cost of acquisition

　　The identification through the cost of acquisition refers to the identification of the price paid for Online casino and How to find it by the suspect or victim.

　　In the case of calculating the victim’s losses, this is a good method; however, for the judicial disposal of the proceeds of crime, due to the volatility of the market value of Online casino and How to find it, the price at which the accused or the victim obtained the涉案 Online casino and How to find it at the time may differ greatly from the price at the time of judicial disposal.

　　4. Through price appraisal for recognition

　　The recognition through price appraisal refers to the appraisal of the price of Online casino and How to find it by the entrusted appraisal institution.

　　The method of price appraisal involves the issue of whether Online casino and How to find it belongs to the scope of judicial appraisal. According to Article 2 of the Decision of the Standing Committee of the National People’s Congress on the Administration of Judicial Appraisal, ‘The state implements a registration management system for individuals and institutions engaged in the following judicial appraisal businesses: (i) forensic appraisal; (ii) physical evidence appraisal; (iii) audio-visual material appraisal; (iv) other appraisal items that should be subject to registration management for individuals and institutions by the Ministry of Justice in consultation with the Supreme People’s Court and the Supreme People’s Procuratorate, as determined by the State Council according to the needs of litigation.’

　　In the case of Zhao Shifeng’s theft case tried by the Dalian Intermediate People’s Court of Liaoning Province (Case No. (2021) Liaoning 02 Criminal Final 258), the court determined the value of Online casino and How to find it through the means of price appraisal. The court believes that the price appraisal of Online casino and How to find it does not belong to the above four categories, and therefore, there is no need for judicial appraisal.

　　Due to the qualification requirements of the subject of judicial appraisal and the statutory scope of judicial appraisal business, whether it is necessary to include the judicial appraisal of Online casino and How to find it within the scope of judicial appraisal is a question worthy of clarification.

　　III. Legal Risks of the Realization and Disposal of Online casino and How to find it

　　In judicial practice, the judicial disposition of Online casino and How to find it usually has two types: one is the custody and disposal of Online casino and How to find it by judicial authorities, and the other is the entrustment of third-party institutions by judicial authorities for the disposal of Online casino and How to find it. The following will specifically analyze the legal risks that may exist in these two types of disposal methods.

　　(i) The legality of the judicial authorities keeping and disposing of Online casino and How to find it

　　During the judicial disposal process of Online casino and How to find it, whether it is the procedure for recovering illegal gains before judgment or the enforcement procedure after the judgment orders the confiscation of illegal gains, the judicial authorities will inevitably face the issue of the legality of keeping and disposing of Online casino and How to find it.

　　Due to the repeated emphasis of normative documents such as ‘Announcement on Preventing Risks of Token Issuance and Financing’ and ‘Notice on Further Preventing and Disposing of Risks of Speculation and Trading of Online casino and How to find it’, it is explicitly stated that Online casino and How to find it should not and cannot circulate in the market. Therefore, the trading of Online casino and How to find it is strictly prohibited in our country. However, there is still a lack of clear prohibitive provisions for the holding behavior of Online casino and How to find it. As a public authority exercising judicial functions, the judicial authorities have theoretical justification for keeping the proceeds of crime, but still need to specify the corresponding operational procedures. At the same time, the current norms prohibit the trading of Online casino and How to find it, and there are also doubts about the legality of the judicial authorities’ disposal and conversion of Online casino and How to find it.

　　(ii) Entrust a third-party institution to keep and dispose of Online casino and How to find it

　　As the judicial authorities cannot directly act as the subject for public auction in China, and the disposal of Online casino and How to find it requires a certain level of professionalism, the judicial authorities may choose to entrust a professional third-party institution to dispose of it.

　　In the case of Chen Mou, Ding Mou, and others, involving the crime of organizing and leading pyramid schemes, Chen Mou concealing and hiding the proceeds of crime, and the proceeds of crime, the public security organs seized a large amount of Online casino and How to find it during the case handling process, including 190,000 BTC, 830,000 ETH, and 27,240,000 EOS. The Beijing-based technology company was entrusted to liquidate the Online casino and How to find it, and the proceeds were returned as proceeds of crime.

　　Compared to direct disposal by judicial authorities, third-party agencies generally have technical advantages, resource advantages, and information advantages. They are professional in the technical processing of ‘Online casino and How to find it’ and also have access to more channels for realizing ‘Online casino and How to find it’. They have a good understanding of the pricing and realization models of ‘Online casino and How to find it’. In judicial practice, it is also a common choice for judicial authorities to assist in advancing the judicial process through third-party agencies when necessary. However, there are many special issues involved in the disposal of ‘Online casino and How to find it’, and the following issues are worth further analysis.

　　1. Legality of third-party agencies’ disposal of ‘Online casino and How to find it’

　　Firstly, the disposal and realization entrusted to third-party agencies by judicial authorities necessarily involves the issue of current regulations prohibiting ‘Online casino and How to find it’ trading.

　　Secondly, in the process of accepting entrusted matters, third-party agencies may be involved in issues such as the existence of power-for-profit seeking, whether the charging standards are reasonable, and whether the capital flow is legal.

　　Finally, since our country has banned ‘Online casino and How to find it’ exchanges and defined ‘Online casino and How to find it’ trading activities as ‘illegal financial activities’, ‘Online casino and How to find it’ often needs to be realized overseas, which may involve issues related to remittance declaration for overseas transactions. If third-party agencies declare foreign exchange and remit related funds of ‘Online casino and How to find it’ using false materials or other illegal methods, it may constitute a violation of foreign exchange management regulations.

　　2. Pricing of fees charged by third-party agencies

　　The issue of pricing for intermediation fees charged by third-party agencies is closely related to the value assessment problem mentioned in the previous section ‘Online casino and How to find it’. Due to the lack of legal provisions and specific standards, as well as insufficient market transparency caused by compliance issues, there are doubts about the standards for charging intermediation fees by third-party agencies and the basis for pricing ‘Online casino and How to find it’.

　　Under the circumstances of a lack of unified market rules and regulatory provisions, third-party institutions handling Online casino and How to find it may report excessively high realization and disposal costs and charge unreasonable intermediary fees. Due to the compliance issues of Online casino and How to find it transactions, there are fewer third-party institutions with the ability and willingness to handle Online casino and How to find it. Therefore, third-party institutions may take advantage of the unfamiliarity of judicial authorities with the handling modes and prices of Online casino and How to find it and their own advantageous position to give unreasonable high quotations, leading to an increase in the handling costs of Online casino and How to find it and affecting the final amount of property recovered. At the same time, the lack of transparency in pricing and the absence of unified standards also easily breed judicial corruption. Relevant personnel may take advantage of the ambiguity of the price space for power-seeking rent, in order to obtain the differential benefits within it.

　　As previously mentioned, similar to intermediary fees, there is a lack of unified and clear standards in the pricing methods of Online casino and How to find it by judicial authorities. Moreover, the market value of Online casino and How to find it fluctuates significantly. When handling it, third-party institutions may take advantage of the volatility of the market value of Online casino and How to find it and the unfamiliarity of judicial authorities with the realization procedures, mix the Online casino and How to find it entrusted by judicial authorities with their own, and sell it in batches. They then inform the judicial authorities of the lower prices as the realization price, obtaining the difference between the actual proceeds from the transaction of Online casino and How to find it and the actual payment price paid to the judicial authoritiessports betting，We need you. In addition, third-party institutions may also collude with the downstream buyers of Online casino and How to find it to sell it at a nominal lower price, seeking illegal profits.

　　3. Qualification of Third-Party Institutions

　　As there are no relevant qualification review standards, industry norms, and industry qualification standards formulated in China’s Online casino and How to find it field, judicial authorities lack clear guidance in selecting third-party institutions, which may lead to inconsistent disposal methods among judicial authorities in various places, leaving room for third-party institutions or other relevant personnel to obtain illegal interests.

　　Judicial authorities have already paid attention to this issue, requiring that the disposal and realization of涉案Online casino and How to find it should be entrusted to ‘qualified third-party institutions’, and that ‘evident materials of legal and compliant disposal’ should be provided for the disposal process. However, there are no specific regulations and standards for determining whether an institution is ‘qualified third-party institutions’, and the content that should be included in the ‘evident materials of legal and compliant disposal’ also needs to be further refined.

　　4. Supervision of Third-Party Institutions

　　Currently, China lacks supervision norms and measures for third-party institutions dealing with Online casino and How to find it, and no appropriate mechanism has been established to monitor the daily business operations of third-party institutions, the methods of dealing with Online casino and How to find it, the sources of funds obtained through the realization of Online casino and How to find it, and the final flow of Online casino and How to find it.

　　Due to the concealment and anonymity of Online casino and How to find it, a large amount of money laundering related to criminal proceeds is closely related to Online casino and How to find it, and third-party institutions may also be involved in criminal activities such as concealing, hiding criminal proceeds, or money laundering during the disposal process.

　　Firstly, the third-party organizations responsible for handling Online casino and How to find it may themselves be involved in concealing, hiding criminal proceeds, or participating in money laundering and other criminal activities. The decentralized characteristics of Online casino and How to find it lead to no centralized institutions registering the identity information of the holders, so in the case of anonymous holders, anyone who knows the private key can control the corresponding address of Online casino and How to find it. This leads to Online casino and How to find it often being used for money laundering, where the perpetrator can convert illegal gains through multiple transactions into Online casino and How to find it and then exchange them for legal currency, thereby concealing the source of the final legal currency, making it difficult for regulators to trace back the transaction process. Therefore, without strict review, third-party organizations may also take advantage of the ‘opportunity’ of handling Online casino and How to find it to use the Online casino and How to find it they handle to help others in money laundering and other criminal activities.

　　Secondly, the third-party organizations responsible for handling Online casino and How to find it may inadvertently receive stolen funds, thereby increasing the difficulty of handling. Even if the third-party organizations responsible for handling Online casino and How to find it do not intend to participate in criminal activities, due to the mixed nature of the subjects involved in Online casino and How to find it transactions, if the third-party organizations fail to or cannot examine the counterparty in the Online casino and How to find it transaction process, they may inadvertently become involved in the counterparty’s money laundering and other criminal activities. Even the funds obtained by the third-party organizations in handling Online casino and How to find it may come from stolen funds from domestic crimes, that is, the counterparty uses this batch of stolen funds to purchase the Online casino and How to find it responsible for handling by the third-party organizations, thereby involving the handling process of Online casino and How to find it in criminal activities. It may even happen that after the third-party organizations have completed the handling, the property they have obtained is sealed or frozen by other public security organs.

　　4. Risk Response and Prospects for the Disposal of Online casino and How to find it

　　Although there are many difficulties and risks in the current judicial disposal of Online casino and How to find it, these difficulties and risks should all be resolved through the promulgation of relevant laws and regulations by the state. The following will elaborate on the legal response and future prospects of the disposal of Online casino and How to find it.

　　(I) Response to Legality

　　1. Explanation of the Legality of Judicial Disposal

　　Although administrative organs have characterized the business activities related to Online casino and How to find it as illegal financial activities, we understand that under the context of judicial disposal, it may be possible to resolve this legal issue through legal interpretation.

　　Although the current regulations deny the monetary nature of Online casino and How to find it, they do not prohibit its existence as general virtual property nor prohibit general entities from holding it. Therefore, Online casino and How to find it is different from contraband items such as drugs and counterfeit currency, and there is a possibility of judicial disposal.

　　The announcement on preventing risks associated with the issuance and financing of tokens and the notice on further preventing and dealing with the risks of speculation and manipulation in Online casino and How to find it transactions restrict related transaction activities. From the perspective of legislative purposes, it is to prevent speculative speculation by the subjects of transactions and to maintain the safety of the national financial order and the property of investors. However, in the process of judicial disposal, the relevant disposal behaviors are under supervision and essentially belong to a measure of judicial organs for recovering lost assets and mitigating losses, which does not involve issues such as speculative speculation and group investment risks. It is usually not a threat to the national financial order, thus the judicial disposal of Online casino and How to find it should not fall within the scope of the restrictions of the aforementioned qualitative documents.

　　2. Based on special policies, legitimate disposition is allowed.

　　Currently, China has begun to pilot the implementation of judicial disposition by qualified third-party institutions for Online casino and How to find it. Due to the prohibition of Online casino and How to find it financial activities within China, cooperation with foreign countries that allow Online casino and How to find it trading, implementing special policies in specific cooperation areas, and issuing relevant qualifications to approved third-party institutions is a feasible path that is currently being tried.

　　For example, the People’s Republic of China and the Republic of Kazakhstan, according to the Framework Agreement on Establishing the ‘Horgos International Border Cooperation Center’ between the Government of the People’s Republic of China and the Government of the Republic of Kazakhstan, have signed the Agreement on the Management of Activities of the Horgos International Border Cooperation Center between the Government of the People’s Republic of China and the Government of the Republic of Kazakhstan (‘the Agreement’). Article 7 of the Agreement stipulates that ‘the entities operating within the center area may engage in activities that are not prohibited by the laws of both countries.’ In case of disagreements on issues related to activities within the center area, both parties will engage in mutual consultations. According to public information, the People’s Republic of China and the Republic of Kazakhstan have established the Horgos International Border Cooperation Center at the border according to the Agreement and issued ‘Business Entity Filing and Registration Certificates’ that include digital assets, lottery and How to find it, virtual assets, and Online casino and How to find it disposal to some enterprises. At the same time, relevant government agencies will also inspect such enterprises, supervise the compliance of their operations, and cancel the ‘Business Entity Filing and Registration Certificates’ of不合格 enterprises.

　　The participating subjects in judicial disposition include judicial organs, special-qualified Online casino and How to find it disposal companies, appraisal institutions with judicial appraisal qualifications, and evaluation institutions with judicial assessment qualifications. The current process involves the judicial organs and Online casino and How to find it disposal companies signing a委托处置协议委托处置Online casino and How to find it, and entrusting judicial appraisal institutions and evaluation institutions to conduct judicial appraisal and judicial assessment of Online casino and How to find it. Therefore, judicial organs with current needs can consider this approach as a method of judicial disposition.

　　(II) Prospects for the Future

　　1. Clear entity empowerment

　　As previously mentioned, the first issue faced by the judicial disposal of Online casino and How to find it is the legality of the disposal of Online casino and How to find it by judicial authorities and third-party institutions. Although, according to the previous analysis, the legality of judicial disposal under the current rules has a certain degree of interpretive space, the ambiguity of the relevant rules may lead to doubts about its legality that are difficult to completely resolve. Therefore, it is necessary to issue relevant regulations to clarify the issue of legality.

　　In terms of practical situations, although there is a trend of strictly tightening the regulation of Online casino and How to find it, there are still a considerable number of civil or criminal cases involving Online casino and How to find it transactions. The disposal measures taken by judicial authorities in exercising public power to safeguard the public interest should be stipulated as exceptions to the regulation of Online casino and How to find it, clearly granting the legal right of judicial authorities to keep and dispose of Online casino and How to find it during the handling of cases and the performance of their duties, without destroying the normal legal regulatory system. At the same time, for cases where judicial authorities entrust third-party institutions to dispose of Online casino and How to find it, it is first necessary to clarify that the relevant actions of the third-party institutions are legal, and to specifically regulate the requirements for authorization, scope of authorization, and supervision process. It should be clearly stated that the legality of the disposal of Online casino and How to find it by the third-party institutions is limited to the scope entrusted by the judicial authorities, and the measures that can be taken by the third-party institutions in the disposal of Online casino and How to find it should be limited, and the entire process should be supervised by the judicial authorities.

　　In addition, a whitelist system is established for qualified third-party disposal institutions of Online casino and How to find it, with specialized departments of judicial authorities selecting qualified institutions and dynamically adjusting according to actual circumstances. This provides guidance for judicial authorities in various regions to handle cases and dispose of Online casino and How to find it, in order to reduce the negative impact caused by the addition of exceptions to the prohibition of transactions involving Online casino and How to find it.

　　2. Clear program design

　　Apart from the issue of legality, the reasons for the various risks and difficulties that may be encountered in the judicial disposition of ‘Online casino and How to find it’ mentioned above are due to the lack of procedural norms and the lack of uniform standards in each link of the judicial disposition of ‘Online casino and How to find it’ in related cases. Therefore, it is necessary at this stage to formulate comprehensive specific norms for the full process of judicial disposition of cases involving ‘Online casino and How to find it’, improve relevant systems, unify the disposition measures of various places, establish standardized processes, and ensure that judicial authorities, third-party agencies, and relevant directly responsible personnel strictly follow the standardized processes for disposition.

　　Firstly, for the seizure and storage of ‘Online casino and How to find it’, special seizure addresses can be established by the central judicial authorities or provincial judicial authorities for ‘Online casino and How to find it’, or a unified national platform or provincial platform can be established on the basis of special addresses for the use of judicial personnel.

　　The private key for the special seizure address of ‘Online casino and How to find it’ should be held by personnel other than the investigation department, and the electronic device used to store the private key should ensure that it is not connected to the outside world. It is more appropriate if the person responsible for the storage has a relevant technical background. After the investigators obtain the private key of ‘Online casino and How to find it’ held by the suspect, they should immediately transfer this amount to the special seizure address established by the judicial authorities, and at the same time, record the type and quantity of this amount, and record the entire seizure and transfer process with audio and video, for verification purposes. If the suspect does not cooperate with the investigators to obtain their ‘Online casino and How to find it’, guidance can be provided to encourage the suspect to actively compensate for the loss.

　　The advantage of seizing the special address is that, on the one hand, the private key of this address is only in the hands of specialized personnel of the judicial authorities, preventing suspects or their accomplices from transferring Online casino and How to find it from the original address and ensuring the safety of seizure; on the other hand, it also conforms to Article 21 of the ‘Several Provisions of the Public Security Organs on the Management of Property Involved in Cases’, which requires the separation of property management involved in cases from case handling, preventing the possibility of related personnel obtaining illegal benefits through their loopholes. In addition, the private key of the Online casino and How to find it storage address is held by specialized technical personnel, and it is ensured that the private key is kept in hardware isolated from the external network, which helps to prevent Online casino and How to find it from being lost due to network attacks or other technical reasons. The unified process for determining the seizure and custody of Online casino and How to find it throughout the country or within the province helps in tracing Online casino and How to find it after it is lost. In order to ensure the safety and specificity of the Online casino and How to find it involved in the case, a special Online casino and How to find it address can be established for storage for each individual case.

　　Secondly, the departments and personnel responsible for the realization of Online casino and How to find it established or designated by the central judicial authorities or the judicial authorities of various provinces will uniformly handle the Online casino and How to find it that needs to be judicially disposed of throughout the country or the province, in order to improve the professionalism of Online casino and How to find it disposal and prevent inconsistencies in disposal methods and standards across regions.

　　Defining the responsible party for the judicial handling of Online casino and How to find it and the supervisory body for entrusting third-party organizations to handle it is helpful in tracing the illegal and illegal acts that may be involved by relevant personnel in the process of dealing with Online casino and How to find it. In conjunction with this, special transaction accounts can be established by judicial authorities in designated banks to handle the fiat currency fund flows involved in the handling of Online casino and How to find it. For large-scale handling activities, reviews and approvals can be conducted by higher-level or同级 supervisory authorities, for example, in the case where the public security organs handle Online casino and How to find it first, the procuratorial organs can review and approve it.

　　Thirdly, a whitelist library for third-party organizations can be established to limit the scope of institutions entrusted to deal with Online casino and How to find it.

　　Regarding the criteria for including third-party organizations in the whitelist library for Online casino and How to find it, including: the organization should not have a criminal record; the organization has not been administratively punished for reasons related to Online casino and How to find it; the organization has strict confidentiality mechanisms after review; the security measures of the organization are sufficient to ensure the safety of Online casino and How to find it, prevent the loss of Online casino and How to find it due to cyber attacks and other reasons; the organization has sufficient professionalism and relevant experience in dealing with Online casino and How to find it; the price and intermediary fees charged by the organization for dealing with Online casino and How to find it are within a reasonable range; the organization has sufficient funds to deal with Online casino and How to find it or bear other reasonable conditions such as losses caused by its own negligence.

　　Fourthly, during the process of entrusting a third-party organization to dispose of Online casino and How to find it, it is also necessary to establish measures that complement the aforementioned process.

　　Firstly, before entrusting a third-party organization to dispose of Online casino and How to find it, it is necessary to sign a standardized authorization and entrustment letter, clearly defining the scope, quantity, and disposal measures that can be taken for the disposal of Online casino and How to find it. Secondly, it is necessary to establish a clear and unified price determination mechanism, considering that a qualified price evaluation agency can assess the market value and disposal costs of Online casino and How to find it during disposal, and use this as a basis for negotiating with the third-party organization to determine the disposal method and disposal costs, setting the disposal cost standards, specific rates, and cost ceiling for Online casino and How to find it. Furthermore, it should be determined through written agreements the obligations that the third-party organization should assume, as well as the compensation liability for violating relevant regulations or agreements. If the third-party organization has a significant discrepancy between the realized proceeds from the disposal of Online casino and How to find it and the assessed price, it should reasonably explain the reasons; if there are serious faults during the disposal process, it should be removed from the whitelist and assume the compensation liability. Finally, it should establish a supervision mechanism for the third-party organization’s disposal of Online casino and How to find it, with specialized personnel from judicial authorities holding Online casino and How to find it throughout the transaction process until completion, or requiring the third-party organization to establish a special transaction address for the Online casino and How to find it involved in the case, with the department responsible for the realization of Online casino and How to find it in the aforementioned judicial authorities monitoring the disposal methods and flows of Online casino and How to find it by the third-party organization, establishing an information disclosure mechanism, requiring the third-party organization to provide disposal reports, ensuring that the final flow of this Online casino and How to find it is legal, the disposal process is legal, and the procedures for foreign exchange settlement are legal.

　　As a product of new technology, ‘Online Casino and How to Find It’ has unique characteristics different from legal currency and general property, and factors such as its concealment and anonymity lead to some risks and difficulties in the judicial handling process. The current standards for the judicial handling of ‘Online Casino and How to Find It’ urgently need to be improved, and it is expected that China will soon issue comprehensive regulations and procedures for the judicial handling of ‘Online Casino and How to Find It’, providing clear legal bases for uniform judicial handling by judicial authorities.

　　The purpose of the ‘Hankun Legal Review’ compiled by Hankun Law Firm is only to help clients stay updated on the latest developments and trends in Chinese or other relevant jurisdictions’ laws and practices, for reference only, and should not be considered as any form of legal opinion or legal basis.

　　If you have any questions or suggestions about the content of this issue of ‘Hankun Legal Review’, please contact the following personnel of Hankun Law Firm:

　　Liao Ronghua

　　Phone: +86 21 6080 0990

　　Email: andy.liao@hankunlaw.com

　　Liu Xin

　　Phone: +86 21 6080 0599
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　　Email: xin.liu@hankunlaw.com

　　[1] The intern Mei Yuting and Huang Tingyue also contributed to the writing of this article.