Shanghai court successfully disposed of virtual currency in criminal property enforcement case for the first time

PANews reported on September 16th that, according to the Shanghai High Court's official account, the Baoshan District People's Court, under the guidance of the Shanghai Higher People's Court, successfully disposed of over 90,000 FIL coins. This marked the first successful virtual currency disposal by a Shanghai court in a criminal property enforcement case. This disposal utilized a "domestic entrustment, overseas disposal, and closed-loop repatriation" model. The People's Court entrusted the disposal to a third-party institution. After the third-party institution provided a performance guarantee, the overseas transaction was transferred to a qualified overseas agent. The disposal was completed on a licensed virtual asset trading platform certified by the Hong Kong Securities and Futures Commission (SFC). The transaction price was no less than the 20-day average price before the transaction date. The proceeds from the disposal, after completing national foreign exchange management approval procedures, were converted into foreign currency and transferred to the court's dedicated case fund account. The funds will subsequently be confiscated and paid into the state treasury or returned to the victim in accordance with the law.