Related management norms of virtual currency on network platform
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
Internet finance is an emerging field combining the traditional financial instry with the Internet spirit. The spirit of "openness, equality, cooperation and sharing" of the Internet penetrates into the traditional financial instry, forming the unique characteristics of the Internet financial instry. In recent years, China's Internet finance instry has developed rapidly, but China's financial legal system generally does not pay enough attention to the new financial format of Internet finance. Although some Internet finance laws and regulations have been issued in succession, the Internet finance laws and regulations are generally less. The author lists the corresponding regulatory laws and regulations of the existing Internet finance model as follows:
first, the criminal law
Internet Finance access threshold is low, only by virtue of a computer, a set of 200 yuan source code can build a P2P network loan platform, so it is inevitable that some swindlers use the P2P network loan platform to cheat money and run away, It has caused huge losses to investors. Using the Internet to conct illegal activities may involve the following crimes:
Article 176 of the criminal law [crime of illegally absorbing public deposits] Whoever illegally absorbs public deposits or absorbs public deposits in disguise, thus disrupting the financial order, shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention and shall also, or shall only, be fined not less than 20000 yuan but not more than 200000 yuan; If the amount is huge or if there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than 10 years and shall also be fined not less than 50000 yuan but not more than 500000 yuan. Where a unit commits the crime mentioned in the preceding paragraph, it shall be fined, and the persons who are directly in charge and other persons who are directly responsible for the crime shall be punished in accordance with the provisions of the preceding paragraph<
Article 192 of the criminal law [crime of fraud in raising funds] Whoever illegally raises funds by means of fraud for the purpose of illegal possession, if the amount is relatively large, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention and shall also be fined not less than 20000 yuan but not more than 200000 yuan; If the amount is huge or if there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than 10 years and shall also be fined not less than 50000 yuan but not more than 500000 yuan; If the amount is especially huge or if there are other especially serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than 10 years or life imprisonment and shall also be fined not less than 50000 yuan but not more than 500000 yuan or be sentenced to confiscation of property< On June 4, 2010, the people's Bank of China issued the measures for the administration of non financial institutions' payment services (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, standardize the payment service behavior of non-financial institutions, and prevent payment risks, Protect the legitimate rights and interests of the parties. Article 2 of the measures specifies that the term "non-financial institution payment service" as mentioned in the measures means that non-financial institutions, as intermediaries, provide some or all of the following monetary fund transfer services between the payees and payers: (1) online payment 2 Issuance and acceptance of prepaid card 3 Bank card receipt 4 Other payment services determined by the people's Bank of China. The term "network payment" as mentioned in the Measures refers to the behavior of transferring monetary funds between payees and payers 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 as mentioned in the Measures refers to the behavior of collecting monetary funds for special merchants of bank cards through 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 August 23, 2011, China Banking Regulatory Commission (CBRC) issued the notice on risk warning of Renren loan [2011] No. 254, which pointed out that in the current situation of tight bank credit, the intermediary companies of credit and loan services of Renren loan (peer to peer) are developing rapidly. This kind of intermediary company collects information of borrowers and lenders, evaluates borrowers' collateral, such as real estate, automobile, equipment, etc., and then matches them, and charges intermediary service fees. The media have made a lot of reports on the operation and influence of such intermediary companies, which has aroused much attention. In this regard, the CBRC organized a special investigation, found a large number of potential risks and gave tips. Thus, the notice is only a risk warning document for Renren loan
at the inter ministerial joint meeting of nine ministries and commissions on the disposal of illegal fund-raising held on November 25, 2013, the central bank clearly defined the illegal fund-raising behavior of P2P online lending instry, which mainly includes three types of situations: fund pool mode; fund pool mode; fund pool mode; The risk of illegal fund-raising caused by unqualified borrowers and Ponzi scheme<
3. Regulations on crowdfunding financing
recently, the securities and Exchange Commission (SEC) approved the draft regulation on crowdfunding financing. Crowdfunding financing for the public was approved by the "jump start our business startups act" (jobs act) in early 2012, that is to say, to provide services for various projects, enterprises and enterprises on the Internet The fund-raising of enterprises and even companies is confirmed by law. This is an important measure taken by the US government to regulate crowdfunding
on September 16, 2013, China Securities Regulatory Commission (CSRC) reported that some companies on taobao.com were suspected of issuing stocks without authorization, and called a halt. The suspension is based on the notice of the general office of the State Council on severely cracking down on issues related to illegal issuance of shares and illegal operation of securities business (GBF [2006] No. 99), which stipulates that "any shareholder of a company is strictly prohibited from transferring shares to the public by himself or by entrusting others in an open manner". So far, it is known as Chinese style "crowdfunding", that is, the behavior of issuing shares to the public by using the network platform is defined as "illegal securities activities" for the first time. Although the crowdfunding model is concive to solving the financing problem of small and medium-sized micro enterprises, considering the current legal framework, domestic crowdfunding websites can not simply the American model, and must find a crowdfunding road suitable for China's national conditions
according to the interpretation of the Supreme People's Court on Several Issues concerning the specific application of law in the trial of criminal cases of illegal fund-raising, crowdfunding mode is almost easy to press the red line of violation in form, that is, it constitutes illegal fund-raising without permission, through public recommendation on the website, promising a certain return, and absorbing funds from non-specific objects. The United States legislates for crowdfunding. We can learn from the jobs act of the United States to regulate the crowdfunding model, but it still needs a graal process< On June 4, 2009, the Ministry of culture and the Ministry of Commerce jointly issued the notice on strengthening the management of online game virtual currency (Wen Shi Fa [2009] No. 20), which stipulates that market access should be strictly enforced and the management of issuers and providers of online game virtual currency trading services 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 services"
on September 28, 2008, the State Administration of Taxation issued the official reply on the issue of personal income tax on the income of indivials from buying and selling virtual currency through the Internet (Guo Shui Han [2008] No. 818), which clarified the tax treatment of virtual currency, that is, 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 personal income tax, The indivial income tax shall be calculated and paid according to the item of "income from property transfer"
in short, the introction of a series of regulatory measures makes the regulation of virtual currency further clear, but the regulatory measures are only limited to the virtual currency in the game< On June 29, 2001, the people's Bank of China issued the Interim Measures for the administration of online banking business, but it was abolished in 2007
on January 26, 2006, the CBRC promulgated the measures for the administration of e-banking (CBRC Order No. 5, 2006). The term "e-banking" in the Measures refers to the use of communication channels or open public networks open to the public by commercial banks and other banking financial institutions, as well as the private networks established by banks for specific self-service facilities or customers, Banking services to customers. E-banking business includes banking business carried out by computer and Internet (hereinafter referred to as Internet banking business), banking business carried out by voice communication equipment such as telephone and telecommunication network (hereinafter referred to as telephone banking business), banking business carried out by mobile phone and wireless network (hereinafter referred to as mobile banking business), As well as other use of electronic service equipment and network, by the customer through self-service way to complete financial transactions of banking business The measures for the administration of e-banking is an important regulatory regulation for Internet banking< On September 20, 2011, China Insurance Regulatory Commission (CIRC) issued the notice of China Insurance Regulatory Commission (CIRC) on printing and distributing the measures for the supervision of Internet insurance business of insurance agents and brokers (Trial) (CIRC [2011] No. 53). The purpose of the measures is to promote the development of insurance agents and brokers The standard, healthy and orderly development of Internet insurance business of brokerage companies should effectively protect the legitimate rights and interests of the applicant, the insured and the beneficiary. In May 2012, China Insurance Regulatory Commission (CIRC) issued the notice on risk warning of Internet insurance business (CIRC notice [2012] No. 7), which gave risk warning to the majority of policyholders for the Internet insurance instry. In addition, on April 15, 2011, China Insurance Regulatory Commission (CIRC) issued the "Internet insurance business regulatory provisions (Draft)", which will be further improved in the near future
in a word, Internet financial innovation emerges in endlessly, which means the emergence of new financial models and the need for new regulatory laws and regulations. Moreover, the current Internet financial regulatory laws and regulations are not perfect, some internet financial models have appeared, but the relevant regulatory provisions are still lagging behind, that is, the regulatory gap. It is expected that the regulatory authorities will improve the supervision of Internet finance related fields as soon as possible.
(2) application form for the establishment of Internet cultural units
(3) Notice of pre approval of enterprise name or business license and articles of Association< (4) source of funds, amount and credit documents (such as capital verification report, of business license of enterprise legal person of capital verification institution, etc.)< (5) of ID card and resume of the legal representative and principal person in charge< (6) qualification certificates and identity documents of main business management personnel and professional and technical personnel (e.g. copies of academic certificate, professional qualification certificate and identity card)
(7) the certificate of the right to use the workplace (the of the house lease contract and the property right certificate of the lessor shall be submitted if the office space is leased, and the of the house property certificate shall be provided for the self owned place)
(8) business development report (provided in the format of Annex 2)< (9) other documents required to be submitted according to law.
1、 (1) the virtual currency of online games mentioned in this Notice refers to the virtual currency issued by online game operators, which is purchased directly or indirectly by game users using legal tender in a certain proportion, and exists outside the game program and stored in the server provided by online game operators in the form of electromagnetic recording, And a virtual exchange tool expressed in specific digital units. Online game virtual currency is used to exchange the online game services provided by the issuing enterprise within a specified scope and within a specified time. It is expressed in the form of prepaid recharge card, prepaid amount or points, but does not include the game props obtained in the game activities
(2) cultural administrative departments should strictly enforce market access and strengthen the management of online game virtual currency issuers and online game virtual currency trading service providers. Those engaged in the business of "online game virtual currency issuing service" and "online game virtual currency trading service" shall be managed in accordance with the "decision of the State Council on Setting Administrative License for administrative examination and approval items that really need to be retained" (Order No. 412 of the State Council) and the "Interim Provisions on the administration of Internet culture". All enterprises providing the above two services must meet the relevant conditions for the establishment of operational Internet cultural units, apply to the provincial cultural administrative department where the enterprises are located, and report to the Ministry of culture for examination and approval after the initial examination by the provincial cultural administrative department“ Online game virtual currency issuing enterprises refer to online game operation enterprises that issue and provide virtual currency service“ "Online game virtual currency transaction service enterprise" refers to the enterprise that provides platform service for online game virtual currency transaction among users. The same enterprise shall not operate the above two businesses at the same time
(3) in addition to submitting relevant materials in accordance with the law, enterprises applying to engage in the business of "online game virtual currency issuance service" must submit the form of virtual currency expression, scope of issuance, unit purchase price, return method at the time of service termination, user purchase method (including cash, bank card, online payment, etc.) in the business development report User rights protection measures, technical security measures, etc< (4) engaging in the business of "online game virtual currency trading service" must comply with the relevant provisions of the competent department of Commerce on e-commerce (platform) services. In addition to the materials submitted in accordance with the law, such enterprises should submit the service (platform) mode, user purchase method (including cash, bank card, online payment and other purchase methods), user rights protection measures, user account binding with real name bank account, technical security measures, etc. in the business development report< (5) enterprises that have engaged in online game virtual currency issuing or trading services shall apply to the cultural administration department for relevant business operations within three months from the date of printing and distributing this circular. Those who fail to apply within the time limit shall be investigated and dealt with by the cultural administrative department in accordance with the Interim Provisions on the administration of Internet culture. A of the approval document from the cultural administration department shall be sent to the Ministry of Commerce and the people's Bank of China< (6) online game operators should issue appropriate amount of online game virtual currency according to their own business conditions and proct operations. Malicious issuance for the purpose of occupying prepaid funds is strictly prohibited. The total amount of virtual currency issued by online game operation enterprises shall be submitted to the provincial cultural administrative department of the place where the enterprise is located on a quarterly basis
(7) except for legal currency purchase, online game operators shall not provide online game virtual currency to users in any other way. When issuing online game virtual currency, online game operators must keep users' recharge records. The storage period of the record shall not be less than 180 days from the date of user recharge< (8) the use of online game virtual currency is limited to the virtual services provided by the issuing enterprise itself, and shall not be used to pay for or purchase physical procts or exchange for any procts or services of other enterprises< (9) online game operators should take necessary measures and complaint handling proceres to protect the legitimate rights and interests of users, and explain them in a prominent position on the website where the enterprise provides services to users
(x) in case of disputes in the use of virtual currency in online games, the user shall present a valid personal identity card consistent with the registered identity information. After verifying the identity of users, online game operators should provide virtual currency recharge and transfer records, and handle them according to the complaint handling proceres. When the legitimate rights and interests of users are infringed, online game operators should actively assist in obtaining evidence and coordinating solutions< (11) if an online game operator plans to terminate the provision of its procts and services, it shall make an announcement 60 days in advance. When the service is terminated, for the virtual currency that the user has purchased but has not used, the online game operator must return it to the user in legal currency or other ways accepted by the user
if the online game service is interrupted continuously for 30 days e to the stop of service access, technical failure and other reasons of the online game operation enterprise, it shall be deemed to be terminated
(12) online game operation enterprises shall not change the unit purchase price of online game virtual currency. When new types of virtual currency are issued, they shall report to the cultural administration department for record according to the materials listed in Article 3 of this circular
(XIII) if online game operators do not support online game virtual currency transactions, they should take technical measures to prohibit the transfer function of online game virtual currency between user accounts
(14) when providing online game virtual currency related transaction services, online game virtual currency transaction service enterprises must require sellers to register with their real names by using valid identity documents, and require them to bind domestic bank accounts consistent with the real name registration information. Online game virtual currency transaction service enterprises must keep relevant transaction records and accounting records among users, and the retention period shall not be less than 180 days from the date of transaction< (15) online game virtual currency trading service enterprises should establish accountability system and technical measures for illegal transactions, strictly screen the authenticity of trading information, and prohibit illegal transactions. Knowing that the virtual currency of online games is illegally obtained or reported and verified, the false transaction information should be deleted and the transaction service should be terminated in time< (16) online game virtual currency trading service enterprises shall not provide trading services for minors
(17) online game virtual currency issuing enterprises and transaction service enterprises should actively take measures to protect personal information security. When relevant departments investigate according to law, they must actively cooperate and provide relevant records
(18) if online game operators provide virtual currency transfer services between users, they should take technical measures to keep the transfer records, and the relevant records should be kept for no less than 180 days< (19) all localities should cooperate with the public security organs to strictly punish online games with gambling color in accordance with the requirements of the notice on regulating the operation order of online games and banning gambling with online games (GTZ [2007] No. 3) issued by the Ministry of public security, the Ministry of culture and other departments, We will severely crack down on the illegal and criminal activities of gambling by using the virtual currency of online games
(20) online game operators are not allowed to allocate game props or virtual currency by drawing lots, betting, random selection and other accidental means on the premise that users directly invest cash or virtual currency
(21) online game virtual currency issuing and trading service enterprises should actively cooperate with the management department and take technical measures to crack down on "number theft", "private service" and "plug-in"
(22) the Ministry of culture shall notify the people's Bank of China of online payment services provided on the "private service" and "plug-in" websites of online games recognized by the Ministry of culture< (23) the cultural administrative departments at or above the provincial level shall investigate and deal with the enterprises that engage in the issuance and trading services of online game virtual currency without permission in accordance with the Interim Provisions on the administration of Internet culture
(24) for the online game virtual currency issuing and trading service enterprises that violate the requirements of this circular, the cultural administrative department and the competent commercial department shall notify them to rectify within a time limit. Those who fail to rectify within the time limit shall be investigated and dealt with by relevant departments according to law
(25) establish a coordination mechanism for the management of virtual currency in online games, and intensify the crackdown on illegal activities such as "number theft", "private service", "plug-in", illegal profits, money laundering, etc. All departments should regularly communicate, coordinate and cooperate with each other, timely report the relevant situation, and do a good job in the management of online game virtual currency within their respective responsibilities
(26) the online game virtual currency issued by the online game operation enterprise shall not coincide with the name of the props in the game. The administrative provisions for props in online games shall be formulated separately by the cultural administrative department of the State Council in conjunction with relevant departments
notice is hereby given<
Ministry of culture
Ministry of Commerce
June 4, 2009
if we really count it carefully, we will violate something every day.
dare you say that you have never crossed the red light? Crossing the road
only in a few dozen words can we make it clear, to the effect that it is the first time to define the virtual currency of online games; Engaging in online game virtual currency business needs approval; The issuance and transaction of virtual currency in online games are standardized; Make it clear that virtual currency shall not pay for physical goods; When the service is terminated, the virtual currency must be returned to the user; Severely crack down on the use of virtual currency in gambling and other activities
In recent years, with the rapid development of online games, the cultural departments (bureaus) and commercial departments (bureaus) of all provinces, autonomous regions and municipalities directly under the central government, the cultural bureaus and commercial bureaus of Xinjiang proction and Construction Corps, and the administrative law enforcement corps of cultural markets in Beijing, Tianjin, Shanghai, Chongqing and Ningxia Hui Autonomous Region have been developing rapidly, 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
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