China Tightens Law To Jail Those Found Raising Funds Though Crypto Sales

China announced powers to jail those found guilty of raising funds via token sales as it expands its crackdown on crypto.

China’s highest court amended its interpretation of the country’s Criminal Law to make raising money from the public through “virtual currency” illegal, according to a statement today. The amendment comes into force from March 1. While China has banned crypto-based fundraising since 2017, this new amendment means Chinese courts can now officially issue sentences to criminals. Jail terms will vary from below three years to over ten years, depending on the amount raised.