浅议非法虚拟货币交易所的刑法规制

　　“糖果”“空投”都是不法分子吸引投资人投资新发行代币的惯用手段，二者都是给用户免费发放代币，区别是派发方式不同。“糖果”是区块链项目方给早期用户奖励的代币，直接派发给参与活动的用户，等待项目上线交易所后，赠送的代币可以在交易所直接交易。而“空投”是项目方选择一个时间节点，根据某种代币的资产分布情况，按一定比例赠送代币给潜在用户。以本案为例，王某早期在其开发运营的“TS通证社区”微信小程序中向投资人免费赠送“TS”虚拟货币，并宣称持币可以分红且具有升值空间，通过派发“糖果”吸引投资人，投资人逐渐从免费获币开始通过“币威”钱包等方式直接向王某购买TS虚拟币，以期获得持币收益。后期运行虚拟币交易所后，除了自行开发的TSC币外，还引入PH、GWT、MTF、MT等多种虚拟货币项目，通过“空投”对项目进行持续激励，吸引投资人购买持币。

& & & ldquo; Candy & & rdquo; & & & rdquo; are common tools for outlaws to attract investors to invest in new coins, both of which are distributed free of charge to users, depending on the distribution of assets in a currency. & & & & rdquo; & & Candy & & rdquo; a token for the block chain project party to reward early users, which is sent directly to participating users, waiting for the project to be posted on the line exchange; & & & & & & & & & & & & & & & ; & & & & & & & & & & & & & & & & & & & & & & ; & & & T & & & & & & & & & & Qu; & & & & T & & & & & & & & & & & & & & & & & & & & & & & Qu & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & ; & & & & & & & & & & & & & & & ; & & & & & & & & & & ; & & & & & & & & & & & & & & & & ; ; & & & & & & & & & ; & & & & & & & & ; & & & & ; & & & & & & &

　　2.“拉人头”奖励。

2. & ldquao; head pull & rdquao; incentive.

　　“拉人头”是传销组织常见的盈利方式，现代商业模式从中衍生“分享营销”模式，即把资源分享给别人从而获得经济收入，是消费者与消费者的资源共享，通过分享活动、分享产品、分享内容来增加免费流量，从而提高成交。不法分子以此诱骗投资人秒变“代理商”，无需见面、无需培训、几乎零成本即可快速形成强大的营销团队。以本案为例，王某在其“超级合伙人”项目中，宣称超级合伙人每邀请一个新人加入，可获得新合伙人锁仓TSC数量3%返佣，或者推荐分享即可获得上币费等。通过此种方式，促成更多人加入到王某创造的“虚拟帝国”中，不少投资人变成交易所投资顾问、微信群管理员、交易所币商等，积极分享吹捧项目投资价值，共同参与到虚拟币交易活动中。

& & & & & & rdquo; & & & & & rdquao; a common profit pattern for distribution organizations, from which modern business models derive & & & & & & & ; sharing marketing & & & quo; models, i.e. sharing resources to others and thereby generating economic income; sharing resources between consumers and consumers; increasing transactional flows by sharing activities, sharing products and sharing content. Unlawfuls lure investors to & & ldquo; & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & ; in this way, & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & ; & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & ; & & & & & & ; & & & & & & & & & & & & & & & & & & ; & & ; & & & & & & & & & ; & & & & & & & & & ; & & & & & & & & & & & & ; & & & & & & &

　　3.鼓吹宣传造势。

3. Advocacy for advocacy.

　　通过微信群、互联网平台等推广虚拟币交易网站，甚至购买搜索网站广告位和排名，鼓吹虚拟货币的升值空间，营造火爆假象。以本案为例，王某购买“北京币世界”等网站的网络广告服务，同时创建近两百个微信群，并自行编撰项目白皮书，包装虚构创始团队经历、合作方背景、应用前景及投资价值等，在微信群、币世界等网络平台上发布，宣传持币即能坐等上涨、定期分红、高价回购等，并定期发布周报，宣传TSC虚拟币的交易及分红情况，造成交易红火、分红可观的假象。但实际上，项目背景、创始团队均系虚构，应用程序也仅是推广手段，其交易所收取的手续费根本不具有持续分红或者回购的能力，资金运转不具有可持续性。

By promoting virtual currency trading websites through micro-trust groups, Internet platforms, etc., and even by buying location and rankings for search sites, promoting space for virtual currency appreciation, and creating a pseudonym. For example, Wang has purchased web advertising services for “ Beijing Dollars World & & & rdquo; etc., while creating nearly 200 micro-letters and preparing his own white paper on the project, packaging the creative team experience, partner background, application prospects, investment values, etc., on web-based platforms such as micro-credits, currency worlds, etc., advertising that currency holdings can rise, regular dividends, high-price buybacks, etc., and regularly publishing weekly bulletins that promote TSC virtual currency transactions and dividends, resulting in trade fires and substantial frauds.

　　（二）主要交易场景

　　近年来，在监管部门的严厉监管下，大型虚拟货币交易平台如币安、火币网等相继发布公告退出中国大陆市场并对大陆用户进行清查，但仍有不少小型虚拟货币交易所租借境外服务器在境内非法从事虚拟货币交易活动，涉虚拟货币交易的刑事案件也频繁发生，司法实践中对于此类案件的处理仍存在一些争议和分歧。

In recent years, under the strict supervision of the regulatory authorities, large virtual currency trading platforms, such as currency security and gunnets, have withdrawn from mainland China and conducted an inventory of mainland users, but there are still a number of small virtual currency exchanges renting offshore servers to engage in illegal currency transactions in the country, criminal cases involving virtual currency transactions are frequent, and some disputes and disagreements remain in judicial practice with regard to the handling of such cases.

　　（一）非法吸收公众存款罪

(i) The offence of unlawful absorption of public deposits

　　虚拟货币交易平台通过公开发行虚拟货币向社会不特定公众募集法币或者虚拟货币，并且承诺或者变相承诺固定收益，如对区块链技术的应用场景项目及持币可能带来的“静态收益”加以宣传，设置分红回购等投资回报。或者是在交易所内发行固定收益类理财产品，通过互联网、微信等公开渠道向社会不特定公众募集法币或者其他主流虚拟货币。该经营模式一般具有“非法性、公开性、利诱性、不特定性”，符合非法吸收公众存款罪的基本特征。也有观点认为公开发行代币涉嫌擅自发行股票、债券罪，但笔者认为发行代币与发行股票、债券的属性以及行权方式不同，以非法吸收公众存款罪定性更为恰当。

Virtual money-trading platforms collect French currency or virtual currency from unspecific members of society through public distribution of virtual currency and promise or disguised commitments to fixed gains, such as &ldquao; static gains & & rdquao; publicity, setting up returns on investments such as dividends. Or, within an exchange, the issuance of fixed-income property, collecting French currency or other mainstream virtual currency from unspecific members of society through public channels such as the Internet, micro-credit, etc. The business model generally has &ldquao; illegal, open, attractive, non-specific & rdquao; and conforms to the basic characteristics of the offence of illegal absorption of public deposits.

　　实践中，对于通过发行代币或者理财产品募集法币的行为认定为非法集资无争议，但对于募集虚拟货币是否可以认定为非法集资存在不同认识，焦点在于虚拟货币是否属于“存款”或“资金”。有观点认为，“存款”或“资金”应仅限于法定货币，非法吸收公众存款罪侵犯的客体是国家金融管理秩序，虚拟货币虽然具有财产价值，但在我国不具有法币属性，虚拟货币交易未破坏国家金融管理秩序，不能成为非法吸收公众存款罪的犯罪对象。笔者认为，与传统的虚拟游戏币如Q币等不同，代币尤其是主流虚拟代币在市场上具有较强的流通性，且与法定货币锚定一定的兑换比率，可以通过各种渠道兑换成法定货币，虚拟货币仅是作为兑换法定货币的工具，隐藏其后的仍然是法定货币，非法募集公众资金的犯罪目的仍可实现，因此可以成为非法吸收公众存款罪的犯罪对象。

In practice, there is no dispute as to whether the collection of legal currencies through the issuance of tokens or in respect of property is considered to be illegal, but there is a different understanding as to whether the collection of virtual currencies can be regarded as illegal, focusing on whether they are “ deposits ” or ” funds & & &rdquo. The view is expressed that “ deposits & ” or & & & & & & rdquo; that they should be limited to the legal currency, that the object of the crime of illegal absorption of public deposits is the national financial management order, that the virtual currency, while it has a property value, is not of a legal currency character in the country, that the virtual currency transactions do not undermine the national financial management order and cannot be the object of the crime of illegal absorption of public funds.

　　（二）诈骗类犯罪

(ii) Fraud offences

　　常见于“空气币”“山寨币”“传销币”等代币发行场景中，此类代币并非基于“公链”开发，而是通过“私链”“以太链”等方式开发，发行方可通过交易机器人自动摆放买盘和卖盘的方式控制投放量、交易价格及交易量，俗称“摆盘”。同时，配合各种宣传手段大肆炒作投资价值，并承诺持币锁仓可获高额收益及分红等吸引投资人参与炒币。实际上，上述代币不具有盈利可能性，为维持分红、回购等激励措施只能通过“借新还旧”不断“吸血”，待冲高币值后大肆抛售、卷款逃匿。以本案为例，王某在运营交易所一段时间后，突然宣布终止项目分红及回购承诺，导致交易所内TSC等虚拟货币迅速贬值，并终止交易所运营维护，致投资人交易所钱包内虚拟货币无法提取，以此侵吞投资人资金。

Common in “ air currency & & rdquo; & & & & rdquo; & & & & & & & & quo; currency & & & & & & & & & ; & currency distribution sites where such coins are not based on “ public chain & & & rdquo; development, but through & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & &, & & & & & & & S &, & S & & & & & S & & S & & & & & S & & &, & S, & S & S & S &, & S,,, & S, & S & & &,, & ;

　　该种行为模式中，如果具备非法集资类犯罪“四性”基本特征的，可以认定为集资诈骗罪。对于具有非法占有目的，但不具备非法集资类犯罪“四性”特征尤其是“利诱性”的，如设置虚拟货币交易虚拟盘，交易系统相对封闭或者与客户进行对赌，并未投入真实交易市场；交易所控制虚拟货币交易价格、交易量及交易行情，控制影响K线图涨跌，配合反向交易建议、限制出入金、诱导频繁操作、追加资金等手段，侵占客户资金等可认定为诈骗罪。

In this pattern of conduct, capital fraud can be considered if there are & ldquo; quadrant & & rdquo; basic features. For illegal possession purposes, but not for illicit capital collection & & ldquo; quadrant & rdquo; features, in particular & ldquo; inducement & & rdquo; for example, the creation of virtual currency trading virtual disks, where trading systems are relatively closed or bet against customers, and are not invested in real trading markets; exchange controls over virtual currency trading prices, volume and transactions; controls affecting K-line rises and falls; and, in conjunction with counter-transaction advice, restriction of access money, inducement to frequent operations, additional funds, etc., is considered fraud.

　　（三）非法经营罪

(iii) Offence of illegal dealing

　　非法经营罪系“法定犯”，虚拟货币交易虽违反中国人民银行、中央网信办等部门联合发布的公告、风险提示等，但上述公告等不属于国家规定，在缺乏行政违法性的前提下，认定非法经营罪的依据不足。

The offence of illegal business is & ldquo; statutory offender & & rdquo; while virtual currency transactions violate the proclamations, risk alerts, etc. issued jointly by the People's Bank of China, the Central Network Information Office, etc., these proclamations are not part of the State's rules, and there is insufficient basis for finding the offence of illegal business in the absence of an administrative offence.

　　但通过发行稳定币[稳定币是和某个标的（一般系法币）保持稳定兑换比例的加密货币，此种货币在一段时间内的价格不会有太大变化，是区块链技术诞生后才有的一个货币类别，在加密领域中稳定币具有价值尺度的功能，常见的稳定币包括泰达币（US鄄DT）、比特币（BIT）等，因法币与商品和服务之间的兑换比例相对稳定，因此稳定币最终锚定对象是商品和服务，也就是实际的购买力。]的方式实现法定货币与虚拟货币的兑换则有可能构成非法经营罪。

However, the price of a stable currency [stable currency is an encrypted currency with a stable proportion of a target (generally legal currency), which will not change much over time, is a category of currency that emerges from the advent of block-chain technology, which has a value-scale function in the field of encryption. Commonly stable currencies include tedar (USDT), bitcoin (BIT) and so on. Since the exchange rate between French currency and goods and services is relatively stable, the ultimate anchor of the stabilization currency is for goods and services, that is, real purchasing power.]

　　一是非法从事资金支付结算业务。以本案为例，王某在交易所内开发稳定币CNDT，设置CNDT与人民币汇率为1:1，投资人可以通过微信、支付宝、银行卡转账等线下模式（OTC）以人民币等额兑换稳定币CNDT，王某将CNDT充值到投资人交易所钱包，投资人即可使用CNDT在交易所购买兑换其他虚拟货币。有观点认为，无论稳定币或是其他虚拟货币都仅是数字商品，此种行为均系商品互换的以物易物行为，并非支付结算活动。笔者认为，应当根据其开发或使用稳定币的主观目的及客观行为进行实质性判断。行为人通过实际控制的账户接受他人资金，再根据客户订单要求实现虚拟货币与法币的兑换，并从中牟利，充当“中介”的角色，如使用比特币、泰达币等主流虚拟货币作为稳定币实现法币的跨境支付结算，其行为违反《商业银行法》相关规定，危害支付市场秩序和安全，符合两高司法解释关于“其他非法从事资金支付结算业务”的情形，可以非法经营罪予以定罪处罚。二是非法进行外汇兑换业务。行为人以甲种法定币购进稳定币，再以稳定币购进乙种法定币，如以人民币买进稳定币再以稳定币买进美金，稳定币实质上成为一种逃避监管的工具，其实质上是以稳定币为媒介实现了外汇买卖，属于人民币与外汇的汇兑业务的，符合在指定交易场所外进行外汇买卖的情形，可以以非法经营罪定罪处罚。

In this case, for example, the King has developed a stable currency CNDT within the exchange, with a 1:1 exchange rate between CNDT and the renminbi, whereby investors can exchange the stable currency CNDT in the form of a currency equivalent to the renminbi (OTC) through a base model of micro-credit, payment of treasures, bank card transfers, etc. The investor may use the CNDT to buy and exchange other virtual currencies. It is argued that either the stable currency or other virtual currency is merely a digital commodity, and that it is an exchange of goods, not a settlement activity. The investor may make a substantial judgement on the basis of the subjective purpose and objective behaviour of developing or using the stable currency (OTC) in the form of a currency.

　　另外一种可能构成非法经营罪的经营模式是质押借贷业务。目前，不少虚拟货币交易所可接受比特币、泰达币、以太坊等相对稳定的主流虚拟货币为质押物，出借法币或者其他虚拟货币，质押率在30%-70%不等，投资人质押借贷的目的一般系为了投资交易所内上线的项目，类似“股票配资”业务，交易所为投资者炒币提供配资杠杆，并收取一定利息。如本案王某在TSC100交易所开放质押借贷功能，质押借贷协议约定质押资产为交易所发行的代币TSC，借贷资产为交易所稳定币CNDT（与人民币汇率1:1）或者人民币（线下支付），借贷期限为1-3个月的短期贷，利率约定1%/月。交易所推出质押贷款业务的主要目的一般是为了推广代币、吸引客户、增加交易量，而非贷款利率，但如果存在“砍头息”或其他隐形费用，利息总额超过36%利率红线，符合相关非法放贷司法解释规定的，则可能构成非法经营罪。

Another mode of operation that may constitute an offence of illegal operation is pledge lending. Currently, a number of virtual currency exchanges can accept the pledge of bitcoins, tedars, or relatively stable mainstream virtual currencies, such as the Taidals, with a deposit rate of 30-70 per cent for loan money or other virtual currencies, and investment hostage lending generally for projects within the investment exchange, similar to “ stock-sharing & rdquo; business, where the exchange provides leverage for investors to raise money and collect interest. For example, in this case, King Wang is opening up a pledge lending function at TSC100, the pledge agreement agrees to pledge assets to be issued by the exchange as a proxy currency TSC, and the loan agreement is to stabilize the exchange's currency, CNDT (with the renminbi rate 1:1) or the renminbi (underline payments), short-term loans for a period of one to three months, with interest rates agreed at 1 per cent/month, the main purpose of a pledge lending operation by the exchange is generally to promote currency, attract customers, increase the volume of transactions, rather than the loan interest rate, if there is an & ldquo, or other secret interest rate, which may constitute an illegal interest rate of 6 per cent.

　　（四）组织、领导传销活动罪

(iv) Organization and leadership of distribution activities

　　在“空气币”“山寨币”“传销币”项目发行推广中，有的虚拟货币交易所采用“拉人头”模式发展“下线”，除了承诺持币即可获得高额静态收益外，另外设置直推或间推奖励，通过“人头数”“层级数”复式计酬方式，诱导投资人不断发展下线以获取动态收益，投资人主要获利模式在于发展下线、扩大团队规模，以享受团队管理奖励。在此种情形下，虚拟货币交易所实际上是一个传销平台，如达到组织、领导传销活动罪的立案追诉标准，对其中起到组织、策划等主要作用的人员可以组织、领导传销活动罪定罪处罚。而对于基于投资而积极参与推广发展下线的“投资人”，要充分考虑其作用和地位，综合考量刑事处罚的必要性，不宜一律以组织、领导传销活动罪定罪处罚。

In “ Air Currency & & rdquo; & & & rdquo; & & & & & & & & quo; in project distribution promotion, some virtual currency exchanges use & & & & & & & ; Human Head & & & & & & & ; Model Development & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & ; in this case, the Virtual Currency Exchange is in fact a marketing platform, such as & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & ;

　　（五）开设赌场罪

(v) The offence of opening a casino

　　有的虚拟货币交易所以营利为目的，提供虚拟货币投注服务，客户可铆钉某种虚拟货币选择买涨或者买跌，根据实际的涨跌结果决定输赢，交易所收取每笔交易手续费，此种行为实质上是以营利为目的，为投资人提供一个赌博平台，虚拟货币交易所的行为可构成开设赌场罪。如本案中，王某在交易所上线币神争霸项目，玩家以TSC作为上币费，下注竞猜BTC每分钟的涨跌，如猜中，盈利在25%-30%；如未猜中，下注本金全赔，进入平台备用金。

Some virtual currency exchanges offer virtual currency investment services for profit, with clients stifling a virtual currency to buy up or fall, deciding to win or lose based on actual ups and downs, charging a fee for each transaction, which is essentially for profit and provides a gambling platform for investors, and the conduct of the virtual currency exchange may constitute the offence of opening a casino. For example, in this case, Wang was on the exchange’s wire-coin snag project, with players using TSC as their last currency fee, competing to guess BTC’s every minute rise or fall, with a profit of 25-30% if guessed; and, in the event of no guessing, paying the full sum and entering the platform’s reserve.

　　诈骗金额的认定

Determination of the amount of fraud

　　由于虚拟货币交易所服务器大多设置在境外，往往无法调取完整的交易数据，且交易所一般系以虚拟货币进行交易结算，对此应当如何计算诈骗金额司法实务中存有争议。以上述王某集资诈骗案为例，主要有以下争议焦点：

Since most of the virtual money exchange servers are located outside the country, it is often impossible to access complete transaction data, and the exchange is generally settled in virtual currency, there is a dispute in judicial practice as to how the amount of fraud should be calculated. In the above-mentioned case of capital fraud, the following main points of contention are highlighted:

　　（一）出入金既有法币又有虚拟币，集资诈骗数额如何计算。法币一般通过场外OTC模式进行交易兑换，金额可通过银行流水予以查证，但以虚拟货币出入金的情况因价格随市场波动，如何认定犯罪金额争议较大。实践中，一般采取市场中间价换算，即计算一段时间内的平均价值予以换算，也有的司法机关根据有利于犯罪嫌疑人的原则，以交易过程中虚拟货币对应的最低值人民币作为换算依据。如因客观原因导致后台数据无法调取或者恢复的情况下，也可以结合报案人报案材料、转账流水等予以认定。

In practice, the amount of the offence is more controversial because of price fluctuations in virtual currency. In practice, the average value of the market price is calculated over a period of time, or the judiciary, on the basis of the principle in favour of the suspect, uses the lowest value of the currency corresponding to the virtual currency in the course of the transaction. If, for objective reasons, back-office data cannot be retrieved or restored, it can also be determined in the context of reporting material, transfer of water, etc.

　　（二）交易所在运行过程中存在“糖果”分发、“空投”、分红及回购等情况，是否应当从集资诈骗金额中扣除。根据最高人民法院发布《关于修改〈最高人民法院关于审理非法集资刑事案件具体应用法律若干问题的解释〉的决定》（2022.3）规定，“集资诈骗的数额以行为人实际骗取的数额计算，在案发前已归还的数额应予扣除。行为人为实施集资诈骗活动而支付的广告费、中介费、手续费、回扣，或者用于行贿、赠与等费用，不予扣除。行为人为实施集资诈骗活动而支付的利息，除本金未归还可予折抵本金以外，应当计入诈骗数额。”因此，本案中涉及的“糖果”“空投”以及支付的软件开发费用、广告费用属于犯罪成本不予扣除，但王某在经营过程中对客户手中持有的CNDT稳定币进行过“回购”，因“回购”行为属于案发前归还数额，应当予以扣除，至于分红可视为利息参照司法解释执行。

(ii) Whether “ Candy & rdquo; Distribution & & & & & rdquo; Airdrop & & & rdquo; Transfers and Repurchases should be deducted from the amount of the financing fraud. According to the Decision of the Supreme People’s Court Amending the Interpretation of the Law Concerning the Specific Application of the Law to Criminal Cases of Illegal Financing (2022.3); & & & & & & & & & & & & & & & & & & & & & ; The amount of the collection fraud is calculated by the amount actually obtained by the perpetrator and the amount returned before the case is deducted. The perpetrator’s costs of advertising, brokering, handling, handling, withholding, or payment of bribes, etc., are not deducted. The interest paid by the perpetrator for the purpose of carrying out the collection fraud are included in the decision (2022.3);

　　（三）案发时客户持有的虚拟货币价值是否应当从犯罪金额中予以扣除。此种情况应当区分对待，如果持有的虚拟货币仍然可以正常提取且在其他交易所可正常交易兑换，可流通且具有实际价值，则可以按照上述规则进行折算并从犯罪金额中予以扣除，但如果系关停交易所导致虚拟币无法提取，或者系“垃圾币”根本无法流通没有实际价值，则不予从犯罪金额中扣除。

(iii) Whether the virtual monetary value held by the client at the time of the commission of the crime should be deducted from the amount of the offence. Such a situation should be distinguished from the amount of the offence if the holding of the virtual currency is still available on a regular basis and can be converted into normal transactions on other exchanges, is negotiable and has a real value, in accordance with the above-mentioned rules, but is not deducted from the amount of the offence if the closure of the exchange renders the virtual currency uncollectible or & ldquo; garbage currency & rdquo; if the circulation is not of any real value at all.

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