TechFlow news on February 24: According to Jinshi citing the Supreme People's Court, today the Supreme People's Court issued "The Decision on Amending the Provisions of the Supreme People's Court on Several Issues Concerning the Specific Application of Law in the Trial of Criminal Cases Involving Illegal Fundraising." The amended Provisions retain unchanged the four defining characteristics for identifying the crime of illegally absorbing public deposits—illegality, publicity, inducement, and social nature. Incorporating new judicial practices and emerging forms of criminal activity, the revised version adds new methods of illegal fundraising such as online lending, virtual currency trading, and financial leasing. Additionally, targeting prominent issues of illegal fundraising in the elderly care sector, it includes specific scenarios involving "illegally raising funds through offering 'elderly care services,' investing in 'elderly care projects,' or selling 'products for seniors.'" These revisions provide a legal basis for cracking down on illegal fundraising crimes in areas such as P2P platforms, virtual currency trading, and eldercare.
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