Lawyers: the current logic of virtual currency regulation may be outdated

According to the Securities Times on May 24, Wang Lingang, a senior lawyer at Fangda Law Firm, believes that the domestic market for virtual currency transactions is extremely small and that the scale of funds laundered through virtual currency in the country is a drop in the ocean compared to those laundered through other methods, which is not worth mentioning. However, in Wang Lingang’s view, the current regulatory logic for virtual currencies, an asset of the Internet era, may be outdated. He said, “Banks are not public prosecutors and do not have the means to enforce the law, and through suspicious transaction detection, they can only occasionally identify the flow of funds from virtual currency-related transactions, and it is impossible to monitor them all.”