China Establishes Bitcoin as Property Under Criminal Law

A court in Qingdao City, China has ruled that Bitcoin constitutes property under criminal law, following a high-profile case involving the theft of 107 BTC.

The Licang District Court found that Bitcoin meets the necessary requirements for being considered property due to its economic value and exclusive control. The defendant, who stole over $3 million worth of BTC, was sentenced to 10 years and 9 months in prison and fined 100,000 yuan (approximately $13,800).

The decision has been upheld on appeal, providing a significant legal precedent for the treatment of cryptocurrencies in China. This ruling aims to deter cybercrimes related to digital assets.