Chinese Court Rules Bitcoin Qualifies as Property Under Criminal Law

China, which maintains strict restrictions on Bitcoin ($BTC) and cryptocurrencies, has issued a new ruling worth paying attention to. The Licang District Court in Qingdao City ruled that Bitcoin constitutes property under criminal law, according to Chinese local news agency Shandong Legal Daily. The case involved the theft of 107 $BTC, which is no small change by any measure.

The defendant, surnamed Zhang, was sentenced to 10 years and 9 months in prison and fined 100,000 yuan (approximately $13,800) for stealing funds by using the victim's crypto wallet recovery statement. A reminder, perhaps, that "not your keys, not your coins" cuts both ways when someone else finds your seed phrase. The court ruling emphasized that Bitcoin meets the legal requirements for being considered property because it carries economic value and can be exclusively controlled.

The value of the stolen Bitcoin was estimated to be over $3 million, based on the more than 660,000 yuan (over $91,000) the defendant obtained by selling the stolen Bitcoin. The decision was upheld on appeal and now serves as a legal guideline against cybercrimes related to cryptocurrencies. *This is not investment advice.