China warned of severe punishment for financial crimes such as illegal fundraising in metaverse, NFTs

In a work report released on Tuesday, China’s highest procuratorate, China Supreme People’s Procuratorate, warned of “severe punishment” for financial crimes such as illegal fundraising and money laundering.

china-warned-of-severe-punishment-for-financial-crimes-such-as-illegal-fundraising-in-metaverse-nfts

Zheng Xinjian, Supreme People’s Procuratorate director of financial and economic crime, interviewing with Legal Daily

China plans crackdown on illegal fundraising in the metaverse, NFTs

According to the director of economic and financial crime, China’s top-level procuratorate has noticed an increase in financial crimes deemed illegal fundraising, disguised as metaverse, NFTs projects, and cryptocurrencies, according to the director of economic and financial crime Zheng Xinjian of the Supreme People Procuratorate.

In a local media interview published Tuesday, Zheng said the legal system requires legislative proposals and judicial interpretations to deal with such financial crimes.

In February, the cryptocurrency was labeled illegal fundraising according to the judiciary’s interpretation.

NFTs and metaverse are not banned in China, unlike cryptocurrencies, but state media have lashed out with warnings against illegal speculation and fundraising related to the trend. However, China has high hopes for the metaverse, with members of the two central political bodies proposing regulation and investment in the metaverse during the nation’s annual plenary sessions, the “Two Sessions.”

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