PANews reported on August 3rd that according to China Economic Net, since China strictly banned virtual currency trading in 2021, how to handle seized virtual currencies has become a major challenge. The Beijing Municipal Public Security Bureau's Legal System Division collaborated with the Beijing Equity Exchange to create a cooperative mechanism for handling seized virtual currencies. The main process is: public security agencies entrust seized virtual currency physical assets to the Beijing Equity Exchange for disposal, which selects professional service institutions to detect, receive, and transfer the seized virtual currencies, and then publicly sell them through a compliant licensed exchange in Hong Kong. The proceeds are converted and transferred to a special account for seized funds, and subsequently will be legally confiscated and turned over to the national treasury or returned to victims.
According to the process design, multi-department coordination established through agreements can ensure orderly completion of virtual currency transfer, pricing, trading, settlement, and account entry. After multiple verifications, all preparatory work is ready, and on March 29th, the Legal System Division guided the Shunyi Branch to sign a "Virtual Currency Disposal Business Agreement" with the Beijing Equity Exchange.
