Author: Xiao Lawyer

Recently, the Sister Sister team noticed that some of the previous currency circle practitioners in a county in Hunan had a series of cases of suspected of opening a casino due to the development of a sustainable contract business. A county court in Hunan determined that the business constituted a crime of opening a casino.

From the perspective of some of the current judgments, several defendants are employees and agents of the platform involved. In the case of retreating and refund compensation, actively paying fines (some defendants have the first circumstances), they obtained a probation judgment.

Today, the Sister Sister team once again focused on the currency circle's forever contract business, carefully analyzed the legal risks of such businesses The two views, the family's words are for the reference of partners.

01 "?

As the ICO concept comes from the IPO, the permanent contract is not currency The exclusive creative of the circle, it is also born in a traditional investment tool/financial derivatives, a commonly born in the capital market -futures contract.

Futures contracts in the traditional sense refer to: Both buyers and sellers have signed standardized contracts on the exchanges in the organization, stipulating that in the future, a certain amount of commodity of a certain amount of goods will be purchased at a certain price in the future. Or financial assets.

The logic of the speculative profit of futures contracts is also very simple: since the futures contract is not a transaction that is completed immediately, but it is stipulated that it will be delivered at some time in the future, then investors can agree on their own futures contracts. The judgment of the market price trend of the trading target is earned to earn the difference through low -selling high or high -selling futures contracts.

For example, assume that Xiaoming's expected price of 1 catties of rice will rise from 10 yuan to 12 yuan in the next 3 months. If the price of 1 catties of rice, the price of 1 catties of rice increases to 12 yuan as expected, then Xiaoming only needs to take the futuresSelling can make a profit of 2 yuan.

After understanding futures contracts, it is not difficult to understand the sustainable contract of the currency circle, but just replaced the objects of the transaction with BTC, ETH and other cryptocurrencies.

We also use an example to explain the gameplay and speculation logic of perpetual contracts.

Suppose Xiaoming precisely predicts the coming of the encrypted market bull market before the comrades of the founding of Sichuan, at a price of $ 70,000/USDT, and purchased 100 days on a platform that supports sustainable contract gameplay. (Settlement) A BTC futures contract, at this time, it shows that Xiaoming held a proof of "buying 1 BTC for $ 70,000/USDT after 100 days". 100 days later, Comrade Chuan Jianguo won as scheduled and released a large number of favorable encryption markets. The price of 1 BTC rose to $ 100,000. Then Xiaoming took the futures contract (liquidation) to make a profit of $ 30,000.

To be honest, there are already a large number of peer lawyers who have fully analyzed it. The team believes that in theory of the permanent contract gameplay of the currency circle, there is controversy whether it constitutes the crime of opening a casino, but in practice, the possibility of conviction and punishment for the main body of such business is high. This kind of business is a high -risk red line business. Exhibition industry.

Let's analyze one or two from the perspective of judicial practice.

(1) The "shooting" and "finance" attributes of perpetual contracts, such as a large volume, It may endanger multiple legal benefits

A kind of investment instrument and a financial derivative with two remarkable features: (1) high leverage. The Sister Sister team observes the platform that supports perpetual contract gameplay on the market. Basically, they all support more than 100 times lever, and fully use the user's "gambler psychology" to highlight a stimulus. Asset transaction. Most platform users' transaction targets are the spot price of a certain encryption asset, and it does not require users to transaction by actual encrypted assets. Therefore, the financial attributes of the perpetual contract itself are extremely strong.

Secondly, the "shooting" attribute of perpetual contract gameplay is very strong, and the two possibilities of rising or fallingThe realization of realization is almost dependent on the occurrence of an uncertain event in the future. Partners with legal common sense may know one or two of the "Shooting Like Contract" (for example, the insurance contract is a typical shooting contract. Whether the insured can get the insurance payment depends entirely on whether the agreed insurance accident occurs). Considering that the shooting of the lucky contract is more likely to cause public speculation, and sometimes it may even involve gambling and other behaviors.

Based on this, the special chapter of the codes increase the special chapters of the Fortunate contract, clarify its basic legal issues such as definition, type, establishment, and effectiveness, and provide a clear legal basis for the legitimate operation of Shooting the contract. In response to the particularity of the Fortunate contract, the law should set up a reasonable risk control and consumer protection mechanism to prevent the abuse of shooting the contract from being abused by the damage to consumers' rights and interests and the chaos of social order.

Take a recently disclosed platform as an example. The business team formed by the defendant Lei Mou (the main criminal) has developed a multi -level agent and users, and directly or through others to develop more than 10,000 subordinates. The platform has a total of more than 270,000 contract users, of which more than 60,000 active users. By charging handling fees during user withdrawal and betting, forced liquidation, and profit -making on gambling, a total of 547976777 USDT (equivalent to about 300 million yuan). The scale of such a volume has actually had a great impact on financial order and social order, and even under special circumstances, the possibility of extreme events will not be ruled out (we will no longer explain here).

Therefore, if the volume is likely to endanger multiple legal benefits, there is a certain social harm.

(2) Unalaying licenses engaged in "off -site futures transactions". Under certain situations, it may also constitute a crime of opening a casino.

The distinction between futures transactions and gambling has long discussed in the theoretical and practical circles for a long time. There are many cases of being abused as gambling tools. At present, whether illegal futures investment trading platforms can be characterized as the crime of opening a casino. Generally, the specific situation of the case is needed to open the crime and punishment of casino crimes, but it does exist.

First of all, it is clear that my country takes strict supervision measures for financial products, and futures transactions must be carried out in specific places. According to Article 2 of the "Futures Transaction Management Regulations", which: Futures transactions referred to in these regulations refer to the adoption of public centralized transactions or other methods approved by the futures supervision and management agency of the hospital. Trading activities of trading targets.

Secondly, for the futures of futures derivatives, it is necessary to record (licensed) at the Futures Industry Association. Outdoor derivatives trading is currently mainly in the counter derivative market of securities companiesThe derivatives market at the counter of risk management subsidiaries in the market and futures company. According to the "Guidelines for the Business Pilot of the Risk Management Company of the Futures Company" and "Guidelines for the Implementation of the Appropriate Management Management of Futures Management Institutions (Trial)" issued by the Futures Company Risk Management Company, the Risk Management subsidiary is subject to self -discipline supervision by the Futures Industry Association, and the subsidiary of the futures company's subsidiaries The filing of the Futures Industry Association can carry out the derivatives business outside the field.

In practice, the behavior of not being engaged in "off -site futures transactions" is illegal, and there is a risk of illegal business crimes. Casino crimes, fraud and other crimes.

A typical case refer to the Supreme Court Guidance Case No. 146: Chen Qinghao, Chen Shujuan, and Zhao Yanhai opened a casino case. Outside the venue, the Internet is used to solicit "investors", and the price trend of foreign exchange varieties will be used as the target of the price trend of foreign exchange varieties in the future. All the principal and principal returned to the website (dealer), the result of the profit and loss is not linked to the actual price of the price. The essence is "the size of the pledged and the gambling and winning or losing". Relevant websites should be identified as gambling websites.

Sister Sister believes that from the jurisprudence of the Supreme Court, whether the "sustainable contract" of the currency circle constitutes a crime of opening a casino, it should focus on its operating mechanism. Operations are still closer to pure gaming speculation mechanisms.

In the common sustainable contract gameplay in the market, users can generally go up and down according to the market quotation of cryptocurrencies after buying, and choose to sell at any time. Users' profit and loss. Overall, the "sustainable contract" cannot be simply evaluated as a simple gambling behavior of "pledged size, gambling ups and downs". It requires participants to use their professional knowledge to choose a buying and selling strategy through reasonable research and judgment and analysis. There is a significant difference between other common "nine -day destiny" pure probability classes. Instead of saying that "gambling" is "blog", it is not so different. Social harm is also very different. It is simply and rudely convicted of the crime of opening a casino. The sister team does not recognize.

Although Sister Sister's team does not recognize several recent jurisprudence, a reality that cannot be ignored is that the controversy in conviction cannot change the high -risk attributes of the perpetual contract business itself, and its potential Risk packageIncluding the crime of fraud, illegal business crimes, etc. At the same time, do not carry out a perpetual contract business in disguise. Partners must pay more attention, do not step on the line.