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China Crypto Roundup (Feb. 21-Feb. 27) :Virtual Currency Transactions Now a New Form of Illegal Fund-Raising in China

1. Crypto mining company BIT Mining has terminated construction of its data centre in Kazakhstan due to power problems

2. China’s Huangpu Customs seized 49 second-hand Crypto miners (Antminers). This batch of mining machines was detained for falsely reporting the product name when exporting.

3. One of the Metaverse trademarks filed by TENCENT was rejected, with a trademark application date of September 2021.

4. Huobi plans to return to the US market, will focus on areas such as asset management

5. Zhejiang Government Affairs Service Center responded to the virtual currency mining differential electricity price policy: The policy does not mean that “mining” under the high electricity price will be legal, but after being discovered, the electricity price will be calculated according to the differential electricity price policy and banned.

6. The Supreme People’s Court of China issued a new amendment to the criminal judicial interpretation of illegal fund-raising: to increase new forms of illegal fund-raising such as online loans and virtual currency transactions

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