How does the NFT industry respond to the “non-disciplinary” questions in a true and efficient manner?

Recently, the NFT industry of digital collections is often interviewed by territorial authorities. Entrepreneurs are like ants on a hot pot, anxious and ignorant, and don’t know how to deal with it. We believe that when you encounter an interview, you must face it calmly. Avoidance and deliberate concealment can cause misunderstandings. We provide a few real and efficient response methodologies for reference only.

Legal and documentary basis for non-office interviews

The main legal basis for this round of interviews is the “Notice on Further Preventing and Disposing of the Risks of Virtual Currency Trading Hype” jointly issued by ten ministries and commissions. Issuing [2021] No. 237 (commonly known as Document 924), but please note that although the industry is on September 24 this year This document is widely known in Japan, but the actual effective date of the document is September 15, 2021. In other words, since September 15 this year, the illegal acts stipulated in the document can be confirmed as illegal under the laws of China.

At the same time, the “Announcement on Preventing Token Issuance Financing Risks” (commonly known as the 94 Announcement) jointly issued by the seven ministries and commissions in September 2017 continued to play a role, and domestic ICO activities continued to be classified as illegal.

At the level of laws and State Council orders, there are the “Regulations on the Prevention and Treatment of Illegal Fund Raising” and the “Criminal Law”, among which money laundering crimes, illegal fund raising crimes, organizing and leading pyramid schemes, and illegal business operations are all “red lines.”

This round of interviews is not an individual interview, it has a certain generality

Non-specialized classes everywhere have their own channels to obtain information. Among them, Chaoyang masses will not go into details. The main information comes from the collection and analysis of network information. Generally speaking, NFT projects that are announced are more likely to be interviewed. Businesses that are still in the preparation period have not yet been interviewed.

The methods adopted by different regions are different, but the “strength control” is similar. Some provinces and cities in the south adopt the method of local police coming to read the 924 document, first to understand the project situation and the actual controller, and then conduct education on the law; some provinces and cities in the north adopt The method is that the territorial financial office and other law enforcement agencies form a special team to first understand the business situation and actual controller situation, and then learn about the shareholder situation, adopt a penetrating supervision approach, and conduct more detailed investigations. However, compared with the interviews in the P2P online lending industry, this NFT interview is more like a survey and basic law popularization.

Principles and methodology of response

(1) Answer truthfully and seek truth from facts. This is the basic requirement of our country’s law enforcement agencies for their counterparts. Don’t break the bottom line. Lies will be exposed.

(2) Take objective facts as the basis, and don’t treat rumors and assumptions as facts. In our judicial practice, the most taboo is “heard evidence”, what is heard is not credible.

(3) Basic legal knowledge is required for the digital collection industry. As long as it does not engage in illegal speculation, and does not cause damage to the economic and social order, digital collection NFT is tolerated by Chinese laws and is not illegal or gray, and it is “qualitatively” different from the virtual currency industry.

(4) Compare your own products with those of major manufacturers, do not cooperate with foreign hype platforms, and do not infringe on the property rights of Chinese residents.

(5) Regarding second-hand transfers, try not to enable the transfer function. If transfers have already been made, the possibility of hype should be reduced, and changes should be made in accordance with changes in laws and policies under the guidance of professional legal professionals.

(6) Be sure to read the specific content clearly for all documents that you are required to sign. Based on the fact that entrepreneurs are generally engineering men and have not experienced legal investigations, we provide an idea. When signing documents or transcripts, you must clearly see the nature of the document’s heading up and judge the nature, and then read out the questions and your own answers aloud to prevent excessive tension from affecting your judgment. , If necessary, the staff can be required to provide a badge.

(7) The law enforcement recorder will synchronize audio and video recording. Be responsible for what you say. Now the interview is to restrict both parties, and a law enforcement recorder will be set up to record the entire interview process. Therefore, don’t talk about it or talk about it, but walk on thin ice, be cautious in your words and deeds.

Write at the end

Engaging in innovative industries will inevitably be questioned by the existing regulatory system and legal system. These are all normal. Grasp two points: First, don’t belittle yourself or have delusions of victimization, and know that the basic legal relationship of your products is clear; second, don’t underestimate it. The purpose of finding out is often to discover problems, play early, and don’t mislead others because of improper words. Cause legal risks.

There are also friends who asked whether to relocate frequently. In fact, everything has advantages and disadvantages, and avoidance is not the final solution. Since you want to create new products and business logic, this is the weight you should bear when you wear the crown.

As above, good luck!!

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