TechFlow news, on August 3, according to China Economic Net, since China's strict ban on virtual currency trading in 2021, handling seized virtual currencies has become a major challenge. The Legal Affairs Unit of Beijing Municipal Public Security Bureau has collaborated with Beijing Property Exchange (BPPE) to establish a mechanism for disposing seized virtual currencies. The main process involves: the public security organs entrusting the seized virtual currencies to BPPE for disposal; BPPE appoints professional service agencies to conduct testing, receiving, and transfer operations on the seized virtual currencies, then publicly sells them via Hong Kong-licensed compliant exchanges, converts the proceeds into RMB, and transfers the funds into special accounts for case-related money held by public security organs. The funds are subsequently either legally confiscated and remitted to the state treasury or returned to victims.
According to the designed procedure, multi-department coordination established through agreements ensures orderly completion of handover, price inquiry, trading, foreign exchange conversion, and accounting processes for virtual currencies. After multiple rounds of discussions, all preparatory work has been completed. On March 29, the Legal Affairs Unit guided Shunyi Branch and BPPE in signing the "Virtual Currency Disposal Service Agreement."
