Scholar: China should accelerate the formulation of the "Digital Property Law"

Wu learned that Lu Jianping, Liu Jia, and others from the Law School of Beijing Normal University published a paper titled “Governance Plan for Money Laundering Crimes Involving Virtual Money” in the journal “Beijing Social Sciences”. The paper points out that the formulation of the “Digital Property Law” should be accelerated, granting virtual currency the attributes of non-financial virtual goods through scenario-based regulations, thus opening up legal trading channels; the provisions of the “AML” should be improved to include virtual asset service providers within the scope of specific non-financial institutions, imposing AML obligations on them to achieve regulation of centralized trading; and strengthening personal responsibility to address the virtualization of intermediary DeFi trading and non-intermediary P2P trading.