A local court in Xiamen, southeastern China, has affirmed that cryptocurrency should be legally regarded as property within the country's legal framework.

This development comes amidst China's ongoing crackdown on digital assets.

As reported, the court highlighted that cryptocurrencies possess "economic attributes," including utility and exchange value.

These attributes are seen as objective due to the legal circulation of cryptocurrencies in overseas markets.

The court's stance is that individuals have the right to own cryptocurrencies unless they are used for illegal purposes or acquired unlawfully.

Complex Crypto Landscape in China

This perspective adds to the growing intricacies surrounding China's stance on cryptocurrencies, which has witnessed a series of often contradictory regulatory actions in recent years.

In September 2021, Chinese government agencies declared a wide range of crypto activities as illegal financial conduct, encompassing trading and mining.

However, the ownership of cryptocurrencies itself was not deemed unlawful.