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China, which has strict restrictions on Bitcoin ($BTC) and cryptocurrencies, has issued a new ruling.
Accordingly, the Licang District Court in Qingdao City, China, ruled that Bitcoin constitutes property under criminal law.
According to the Chinese local news agency Shandong Legal Daily, the Licang District Court in China ruled that Bitcoin is considered property under criminal law in a case involving the theft of 107 $BTC.
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.
The court ruling emphasized that Bitcoin meets the legal requirements for being considered property because it has 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 serves as a legal guideline against cybercrimes related to cryptocurrencies.
*This is not investment advice.