虛擬貨幣交易平台開發是否合法（虛擬貨幣交易平台開發是否合法的）

作者：曾傑律師，廣東廣強律師事務所非法集資案件辯護與研究**主任

（本文未經作者本人許可不得轉載）

導語：

1.為什麼**的10在部門的虛擬貨幣通知中，既在第二條定性虛擬貨幣相關交易等業務活動為非法金融活動，又要在第四條中提示投資者交易風險？是不是自相矛盾了？沒有。

2.虛擬貨幣交易平台提供期貨服務，必定是非法經營。

3.非法經營罪的另一個路徑：擅自開設金融類業務交易平台。

4.投資數位貨幣交易出現風險責任自擔，但如果遭遇犯罪，依然可以報警。

正文：

1.為什麼**的10部門的虛擬貨幣通知中，既在第二條定性虛擬貨幣相關交易等業務活動為非法金融活動，又要在第四條中提示投資者交易風險？是不是自相矛盾了？沒有。

根據9月24日10部門公佈的《關於進一步防範和處置虛擬貨幣交易炒作風險的通知》第二條，虛擬貨幣相關業務活動屬於非法金融活動，這些業務活動包括法幣交易、幣幣交易、作為**對手方買賣幣、為交易提供資訊中介和定價服務、**發行融資以及虛擬貨幣衍生性商品交易等業務。這些商業活動基本上涵蓋了發幣行為、交易行為、衍生性商品投資等等，這是不是意味著所有的虛擬貨幣投資或交易行為都會被認定為一種非法金融活動？

如果這種觀點成立，那10部門通知的第四條就會和第二條的內容產生內容矛盾。新通知的第四條是對參與投資虛擬貨幣的風險提示，其提到**主體投資虛擬貨幣及相關衍生品，違反公序良俗的，相關民事法律行為無效，由此引發的損失由其自行承擔。該規定的意義在於，警告相關投資風險，但是如果不違反公序良俗，即相關投資活動的民事法律行為則有效。

但是有觀點認為，如果按照第二條的規定，所有的幣幣交易、法幣交易行為都是非法金融活動，在這種非法性的前提下，所謂的投資行為也應該包含在這種幣幣交易或法幣交易行為內，也屬於一種非法金融活動。既然這些行為屬於非法，那麼自然應該是無效行為，而不能觀察其是否符合公序良俗。因此，有觀點就認為該兩條規定存在內容上的矛盾之處。

筆者認為，這兩條並不存在矛盾，以上觀點的錯誤之處在於，沒有分清第二條和第四條內容針對的主體或者行為模式。

仔細閱讀新通知原文和央行相關負責人的問答，第二條針對的是虛擬貨幣相關的業務活動。所謂業務活動，是指個人或機構以營利為目的的專業工作或商業行為。這種業務工作一般是以此為業的，有計畫地、持續的、針對不特定對象的商業經營活動。與之對應的概念是偶發性的交易活動或其他偶發性活動，具有偶發性、業餘性、非計劃性、低頻次的特點，類似於股票市場中的散戶和機構投資者的區別。散戶一般利用零散的時間和**進行個人投資活動，私募、公募類的投資者則是以此為業務活動進行專門盈利性商業活動；散戶不需要持有相關營業證照，而機構類的投資者一般需要相關的經營許可。

對於此問題，相較於2017年的七部門94公告《關於防範**發行融資風險的公告》，其對非法金融活動的概念僅**於**發行融資這一活動。但2021年十部門924新通知，則將非法金融活動的概念範圍擴展到幾乎所有與虛擬貨幣有關的發行、交易活動，未來可能還是進一步把去**化金融的智能合約也納入其中，例如相關借貸、質押、儲存等等活動。

2.虛擬貨幣交易平台的非法經營定性路徑基本明確

期貨合約業務是明確的入罪紅線，觸碰必刑。

先前94規定中，所有的虛擬貨幣交易平台不得從事法定貨幣與**、「虛擬貨幣」相互之間的兌換業務；不得買賣或作為**對手方買賣**或「虛擬貨幣」；不得為**或「虛擬貨幣」提供定價、資訊中介等服務。但相關刑事法律法規並未明確其相關罪名問題，只是在**融資發行中，提到的涉嫌犯罪有非法發售**票券、非法發行證券以及非法集資、金融**、**等。

In **’s new 924 notice, a very different crime was added to the list of suspected crimes related to illegal financial activities, namely illegal futures business. According to the provisions of the Criminal Law, illegal operation of futures business, disrupting market order, and the circumstances are serious shall constitute the crime of illegal operation. The "serious circumstances" here mean that the amount standard is not high. A criminal case can be filed if the crime amount reaches 300,000.

In the new notice of 924, the "Futures Trading Management Regulations" are also added to the legal basis listed in it compared with the provisions of 94. This is because a large number of current virtual currency trading platforms not only provide information intermediary services such as currency transactions, but also provide margin investment contract investment services for digital currency investments, and derivatives include related financial services such as margin trading and securities lending. Once these businesses involve transactions involving futures contracts or options contracts using public centralized trading methods or other methods, they may be characterized as unapproved futures business. If the amount reaches more than 300,000, it will be suspected of being illegal. business crime.

3. Another path to the crime of illegal business: opening a financial business trading platform without authorization

In reality, there is another type of trading platform that only provides OTC trading services and does not provide other ** contracts or other blockchain financial services. Is it Wouldn't it be suspected of illegal business crimes?

At present, the answer is not so optimistic.

In this new notice, the legal and regulatory documents that are in compliance with the more attention-grabbing include the "Decision of the **Agency on Cleaning up

Registering Various Local Trading Places to Effectively Prevent Financial Risks" and "The General Office of the **Agency on Implementation Opinions on Cleaning Up and Rectifying Various Trading Places".

Among them, the "Decision of the ** Academy on Cleaning up and Rectifying Various Trading Places to Effectively Prevent Financial Risks" clearly stipulates that "Trading venues engaged in the trading of financial products such as insurance, credit, gold, etc. must be established with the approval of the relevant financial management departments of the ** Academy "Once a trading platform is opened to provide digital currency trading services, if it is targeted at domestic customers, such services are an illegal financial service activity, and such trading platforms should obtain approval from the relevant financial management departments. Once approval is not obtained, it is a violation of the decision issued by the People's Court and illegal government regulations. If it reaches the level of disrupting market order, the logic of criminalization is basically formed that such behavior of opening a trading platform to provide illegal financial services will be further deemed as an illegal business crime.

Of course, according to the relevant responses to the crime of illegal business operations under the current ** law, cases that are to be determined as crimes of illegal business operations without a clear ** explanation are required to be reported to the law step by step. Judging from the current policy environment and regulatory situation, I believe readers will have relevant psychological considerations as to the response of the ** Law.

In addition, it is not ruled out that after the new notice of 924, the law, prosecutors and other departments will issue new interpretations or opinions on virtual currency criminal cases. We will wait and see.

4. You are responsible for the risks involved in investing in digital currency transactions, but if you encounter a crime, you can still call the police.

Article 4 of the new notice stipulates, “There are legal risks involved in participating in virtual currency investment and trading activities.** If legal persons, unincorporated organizations and natural persons invest in virtual currencies and related derivatives and violate public order and good customs, the relevant civil legal actions will be invalid, resulting in The losses shall be borne by the parties themselves; those suspected of tampering with the financial order and endangering financial security shall be investigated and dealt with by relevant departments in accordance with the law. "

Many people will misunderstand the "self-responsibility" mentioned in this article as even if they encounter corruption. There was property damage, but the police didn't care. However, this understanding is wrong. In this type of case, if the investor encounters criminal acts such as fraud and illegal fund-raising, going to the police is still the most effective solution. However, the police will be responsible for fulfilling their duties of combating crime, recovering stolen goods and recovering losses within the scope of the law. As for the personal losses of investors, if recovery of stolen goods still cannot make up for the losses, investors cannot impose responsibility for such losses on the regulatory authorities or case-handling units. This kind of regulation is similar to the fund-raising participants in illegal fund-raising cases, who also need to bear their own losses. At that time, the police will still perform their duties of recovering stolen goods and recovering losses, and the ** court will also take this issue into consideration when making its judgment and require the relevant defendants to perform refunds. Obligation to return stolen goods.

(The above content is summarized and organized by lawyer Zeng Jie, director of illegal fund-raising crime defense and research** at Guangqiang Law Firm. We hope to provide useful help to criminal defense. We welcome colleagues to make criticisms and suggestions and communicate more)

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