The Shanghai Court in China disposed of over 90,000 FIL tokens involved in a case through a licensed virtual asset trading platform in Hong Kong.

BlockBeats News, September 16th, according to the official WeChat account of the Shanghai High People's Court, recently, the Shanghai High People's Court issued normative guidelines on the disposal of virtual currency price changes in criminal cases involving all courts in the city. Recently, the People's Court of Baoshan District, Shanghai (hereinafter referred to as Baoshan District People's Court) in accordance with the above guidelines, under the guidance of the Shanghai High People's Court and in coordinated cooperation with the Shanghai Public Security Bureau, successfully disposed of more than 90,000 FIL coins through a "domestic entrustment, overseas disposal, closed-loop return" method.

The report stated that faced with the cutting-edge judicial challenge of "handling virtual currency involved in cases," Shanghai courts conducted thorough research and argumentation on policies, regulations, and operational paths. Under the guidance of higher-level departments, they united multiple units to explore a "full-chain compliance, multi-party coordination" price change disposal mechanism, namely: the People's Court entrusts the involved virtual currency to a third-party institution for disposal as a pilot; after the third-party institution provides performance guarantee, the overseas transaction link is entrusted to a qualified overseas agent, on a licensed virtual asset trading platform certified by the Hong Kong Securities and Futures Commission, to assist in completing the overseas disposal link at a price not lower than the average price 20 days before the transaction date. After completing the national foreign exchange management approval procedures, the foreign exchange will be transferred to the People's Court's dedicated account for case funds, and the subsequent funds will be confiscated and handed over to the national treasury or returned to the victims in accordance with the law, achieving "domestic entrustment, overseas disposal, closed-loop return".