China’s Supreme Court has issued a ruling that specifies penalties for offenders who use cryptocurrency to raise funds. Penalties range up to 10 years in prison and fines of up to 500,000 yuan ($79,000). China’s years-long crackdown on cryptocurrency has stepped up another level, thanks to a new Supreme Court ruling that paves the way for fines and potentially lengthy jail sentences for citizens found guilty of fundraising via crypto tokens.
Released earlier today, the Supreme Court’s decision specifies that “virtual currency” transactions used for raising funds can be prosecuted, with varying penalties available depending on the amount of money raised via the transactions.