Unified virtual currency operation supervision law
On June 28, 2009, the Ministry of culture and the Ministry of Commerce jointly issued the "notice on strengthening the management of virtual currency in online games", which made it clear that virtual currency is expressed in the form of prepaid recharge card, prepaid amount or points of online games, but does not include game props obtained in game activities; Virtual currency shall not be used to pay for, purchase physical procts or exchange for any procts and services of other enterprises< The following is the full text of the Circular of the Ministry of culture and the Ministry of Commerce:
the Circular of the Ministry of culture and the Ministry of Commerce on strengthening the management of virtual currency in online games
the cultural departments (bureaus) and commercial departments (bureaus) of all provinces, autonomous regions and municipalities directly under the central government, the Cultural Bureau and commercial bureau of Xinjiang proction and Construction Corps, Beijing, Tianjin, Shanghai and Chongqing Ningxia Hui Autonomous Region Cultural market administrative law enforcement corps:
with the rapid development of online games, online game virtual currency is widely used in online game business services. The virtual currency of online games not only promotes the development of online game instry, but also brings new economic and social problems. Mainly reflected in: first, the lack of protection of user rights and interests; Second, market behavior lacks supervision; Third, the online game virtual currency in the use of disputes
in order to standardize the operation order of online game market, according to the spirit of Interim Provisions on Internet culture management, notice on Further Strengthening the management of Internet cafes and online games (Wen Shi Fa [2007] No. 10) and notice on standardizing the operation order of online games and banning the use of online game gambling (Gong Tong Zi [2007] No. 3), etc, With the consent of the people's Bank of China and other departments, the notice on strengthening the management of virtual currency of online games is as follows
in view of the possible risks of virtual currency, many international organizations and central banks have responded publicly to the supervision of virtual currency system. These responses can be roughly divided into four categories: warning and risk warning, supervision and registration permission, legislative norms, and explicit prohibition
(1) warning and risk warning
some central banks and regulators have issued risk warnings against the special currency and virtual currency system. The federal financial regulatory authority of Germany, the Bank of France, the central banks of the Netherlands and Belgium have issued public warnings against the possible money laundering and terrorist financing caused by the use of bitcoin. In the report released at the end of 2013, the European Banking authority (EBA) warned consumers of many risks of virtual currency, such as exchange loss, e-wallet theft, unprotected payment, price fluctuation and so on. Although Spain did not have a similar risk warning, it issued a timely information announcement related to virtual currency
(2) supervision and registration license
generally speaking, international organizations believe that the supervision of virtual currency should find a balance between risk prevention and innovation promotion. Since 2012, Sweden has required transactions related to virtual currency to be registered with financial regulators. Other countries pay attention to qualification supervision, so as to make it indirectly meet the requirements of prudential supervision. In other countries, the regulation mainly focuses on the business model of virtual currency transaction. The financial prudential regulatory authority of France regards the provision of bitcoin circulation and trading services and the act of earning funds in the process as a payment service and requires the authorization of the government. In addition, some countries focus on the intermediary institutions related to virtual currency. The German federal financial regulatory agency and Danish regulators believe that the provision of intermediary services for virtual currency needs to be authorized< (3) legislative norms
at present, some countries have proposed legislation to regulate virtual currency transactions. Canada plans to legislate to allow the government to supervise the transaction of bitcoin, and to include the transaction of more than US $10000 into the scope of suspicious supervision. The United States hopes to adjust the relevant legal structure should be compared with the development of the special currency. In order to make the Bank Secrecy Act (BSA) applicable in the context of network, the financial crime enforcement network (FinCEN) of the U.S. Department of the Treasury issued the explanatory guidance on the behavior and subject definition of private generation, holding, distribution, trading, acceptance and transmission of virtual currency in 2013. The European central bank stressed that it should strengthen international cooperation under the existing legal framework, and regulate virtual currency from the European and global level under the existing legal framework. More countries believe that bitcoin is not a currency in circulation, has no legal status, and does not meet the definition of financial instruments, such as Finland, Sweden, Malaysia and Indonesia
(4) it is forbidden
in some countries, bitcoin related transactions are prohibited. In December 2013, the people's Bank of China banned financial institutions from trading in bitcoin, which was subsequently extended to payment service providers. The central banks of Thailand and Indonesia share the same attitude. The circulation of anonymous internet currency (including bitcoin) is prohibited by the Russian judicial inspection department as a substitute for currency. The Central Bank of Russia has earlier included the provision of bitcoin services in the scope of suspicious transaction monitoring. The U.S. Securities and Exchange Commission (SEC) has banned the issue of unregistered shares in exchange for bitcoin, and unregistered online securities trading activities in virtual currency.
virtual currency lacks supervision and is too free; Therefore, China's current virtual currency is still in a serious regulatory scope; Of course, the research on virtual currency blockchain technology is worth trying.
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4. Protect the property rights and interests of the public, protect the legal tender status of RMB, prevent the risk of money laundering and maintain financial stability
5. Avoid excessive speculation in the name of "virtual currency" for virtual commodities such as bitcoin, which will damage the public interest and the legal tender status of RMB.
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but also depends on the clinical diagnosis
some patients don't have to be treated in the emergency department when they are received in the emergency department, for example, some major trauma immediately enters the operating room. If in the emergency treatment, there must be emergency medical records, you can ask the doctor.
The financial laws in China's financial supervision mainly include: Law of the people's Bank of China, commercial bank law, bill law, guarantee law, insurance law, securities law, trust law, securities investment fund law and banking supervision and management law
Financial laws and regulations mainly include: Regulations on the administration of savings, regulations on the administration of enterprise bonds, regulations on the administration of foreign exchange, measures for banning illegal financial institutions and illegal financial business activities, and measures for punishing illegal financial actsregulations on the administration of RMB, Interim Regulations on the board of supervisors of key state-owned financial institutions and regulations on the real name system of indivial deposit accounts
regulations on financial asset management companies, regulations on the revocation of financial institutions, regulations on the administration of foreign insurance companies, regulations on the administration of foreign banks and regulations on the administration of futures trading
Interim Measures for the administration of central enterprise bond issuance, regulations on risk management of securities companies, regulations on supervision and administration of securities companies, etc
financial supervision system is the way and organizational system of responsibility division and power distribution of financial supervision. The main international financial supervision system can be divided into two-line multi supervision system, one-line multi supervision system and single supervision system
Financial supervision system is the proct of the history and national conditions of various countries. The basic principle of establishing the mode of supervision system is not only to improve the efficiency of supervision and avoid excessive overlapping and mutual restriction of responsibilities, but also to pay attention to the mutual restriction of power and avoid excessive concentration of powerin the case that the supervision power is relatively concentrated in one supervision subject, scientific and reasonable division of internal power and division of responsibilities must be implemented to ensure the correct exercise of supervision power
on April 27, 2018, the guidance on standardizing the asset management business of financial institutions was officially released, which is referred to as the "new asset management rules" in the instry
the establishment of major policy standards such as breaking rigid cashing, banning multi-layer nesting and restraining channel business will promote the development of the asset management instry to return to its original source, and the licensees with prudent investment strategy will usher in major strategic advantages
If a country wants to develop its economy, the first problem is money. With money, government agencies can pay civil servants, and various national policies can be implemented. There are two types of state institutions related to money: financial institutions and government institutions
Financial institutions in financial institutions, the State Council is the big boss. He has three financial institutions under his command: the central bank, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission(1) people's Bank of China. Her daily work is printing and distributing banknotes, regulating currency circulation and guiding banking business. Among them, it is very important to guide the banking business, because the major banks are directly exposed to money, and the banks themselves are divided into policy banks and commercial banks
Policy banks are non-profit institutions, and the state needs to seek loans if it wants to carry out construction Commercial banks, profit-making institutions, are closely related to the common people, such as the Agricultural Bank of China, instrial and Commercial Bank of China, Bank of China and China Construction Bankthe main management currency of the above institutions is RMB, and foreign currency is also managed by the central bank. However, she gave the job to the foreign exchange administration to manage foreign exchange
(2) CIRC
the people's Bank of China mainly controls the economy by sending jobs to banks, so the institution that supervises banks will mention CIRC, which mainly manages the daily operation of banks, such as banks want to open branches, changes in senior executives, etc. The CIRC also administers non bank financial institutions and insurance institutions
in 2018, the two committees merged the China Banking Regulatory Commission and the China Insurance Regulatory Commission into the China Banking and Insurance Regulatory Commission, because China's financial model has changed and entered the era of mixed operation, with frequent cross operations among various businesses, serious problems such as regulatory overlap and regulatory vacuum, and some new financial institutions, such as wealth companies, need the coordination of the two regulatory bodies, Otherwise, there will be a regulatory blind spot
the central bank and the CIRC have a lot of business intersection, and usually cooperate with each other, but the specific work is still different, the central bank is the business guidance, and the CIRC is the regulatory operation
(3) the terms "stocks, funds and futures" of China Securities Regulatory Commission (SFC) may be familiar to investors. The institutions that can operate these businesses are all elites among the elites, referred to as "jingzhongying" for short. If these institutions are not managed properly, the stability of the financial market will be affected unprecedentedly. It is the SFC that manages themfor example, if an enterprise wants to be listed, it needs to go to the CSRC for approval. Only when it is approved by the CSRC, the stock exchange will be ready and the enterprise can issue shares
the central bank, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission all perform their respective ties and manage their own affairs, which are equal level relationships. They are the national financial institution system
2. The government should have its own department to manage the money, otherwise, how to deal with the tax collected? How to pay civil servants' wages? It's called the Ministry of finance, whose main responsibilities are: setting tax policies, issuing treasury bonds, and managing government revenues and expenditures
Because the Ministry of finance is a national institution, its structure has the typical characteristics of the government Their working mode is also very simple: the Ministry of finance makes policies, the Department of Finance implements them, and the finance bureau implements them The relationship between the central bank and the Ministry of finance is under the leadership of the State Councilwhen the state wants to manage the economy, it needs the cooperation of two institutions, such as "deleveraging" in recent years, the central bank makes banks "tighten", that is, less lending to enterprises, and the Ministry of finance should follow up "tightening", that is, the government should also spend less
summary of laws and regulations related to Internet Finance:
according to the people's Bank of China, Ministry of instry and information technology, Ministry of public security, Ministry of finance, State Administration for Instry and commerce, Legislative Affairs Office of the State Council, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission
the guidance on promoting the healthy development of Internet Finance (YF [2015] No. 221, hereinafter referred to as the guidance) jointly issued by the state Internet Information Office on July 28, 2015
at present, China's legal Internet Finance formats include: Internet payment, Internet lending, equity crowdfunding, Internet fund sales, Internet insurance, Internet trust and Internet consumer finance
in addition to the traditional laws and regulations and regulatory systems and policies, the regulatory provisions specifically for new formats mainly start from the regulation of third-party payment institutions in the people's Bank of China Document No. 2 (administrative measures for payment services of non-financial institutions) in 2010 (it is generally believed that the development and supervision of payment business is also a landmark event in the development of China's Internet finance instry)
Document No. 221 (guidance) issued by ten ministries and commissions in 2015 is not only a comprehensive summary, carding and confirmation of Internet Financial formats in recent years, but also a programmatic and "guiding" document for the implementation of regulatory policies in the future
On August 23, 2011, China Banking Regulatory Commission (CBRC) issued the notice on risk warning of Renren loan [2011] Nothis kind of intermediary companies collect information about borrowers and lenders, evaluate borrowers' collateral, such as real estate, cars, equipment, etc., then match them, and charge intermediary service fees
a lot of reports have been made on the operation and influence of such intermediary companies by the relevant media, which has aroused much attention. In this regard, the CBRC organized a special investigation, found a large number of potential risks and gave tips
It can be seen that the notice is only a risk warning document for Renren loan. At the inter ministerial joint meeting of nine ministries to deal with illegal fund-raising held on November 25, 2013, the central bank clearly defined the illegal fund-raising behavior of P2P network lending instrymainly includes three types: fund pool mode; The risk of illegal fund-raising caused by unqualified borrowers and Ponzi scheme< On June 4, 2010, the people's Bank of China issued the measures for the administration of payment services of non financial institutions (No.2 [2010]). Article 1 of the measures stipulates that the purpose of the measures is to promote the healthy development of the payment service market, regulate the payment service behavior of non-financial institutions, prevent payment risks, and protect the legitimate rights and interests of the parties
Article 2 of the measures specifies that the payment services of non-financial institutions referred to in the Measures refer to the following part or all of the monetary fund transfer services provided by non-financial institutions as intermediaries between the payees and payers:(1) online payment
(2) issuance and acceptance of prepaid cards (3) bank card receipt (4) other payment services determined by the people's Bank of China
the term "online payment" in the Measures refers to the behavior of transferring monetary funds between the payee and the payee relying on public network or private network, including currency exchange, Internet payment, mobile phone payment, fixed phone payment, digital TV payment, etc
the term "prepaid card" as mentioned in these Measures refers to the prepaid value of goods or services issued for profit and purchased outside the issuing institution, including prepaid cards issued in the form of cards, passwords, etc. by adopting magnetic stripe, chip and other technologies
the bank card acquiring in the Measures refers to the behavior of collecting monetary funds for the bank card merchants through the point of sale (POS) terminals The administrative measures for payment services of non-financial institutions is an important regulatory regulation for third-party payment< On June 4, 2009, the Ministry of culture and the Ministry of Commerce jointly issued the notice on strengthening the management of virtual currency in online games (Wen Shi Fa [2009] No. 20), which stipulates that market access should be strictly enforced and the management of issuers and providers of virtual currency trading services in online games should be strengthened
engaging in "online game virtual currency trading service" business must comply with the relevant provisions of the competent department of Commerce on e-commerce (platform) services. In addition to legal currency purchase, online game operation enterprises shall not provide online game virtual currency to users in any other way
on July 20, 2009, the Ministry of Culture issued the declaration guide for "online game virtual currency issuing enterprises" and "online game virtual currency trading enterprises", which provides operational guidance rules for the declaration and approval work of operating Internet cultural units applying for "online game virtual currency issuing service"< On September 28, 2008, the State Administration of Taxation made clear the tax treatment of virtual currency in the reply to the issue of personal income tax on the income of indivials from online trading of virtual currency (Guo Shui Han [2008] No. 818)
that is to say, the income obtained by indivials from purchasing players' virtual currency through the Internet and selling it to others after price increase belongs to the taxable income of indivial income tax, which should be calculated and paid according to the item of "income from property transfer"