The Supreme Court of China has passed a ruling that the country will conduct due diligence and research into cryptocurrency to protect investors’ legal rights. This comes after Taiwan’s Financial Supervisory Commission (FSC) had written to Asia’s association of banks last week, reminding them not to engage or allow cryptocurrency.

China’s Supreme Court ruled that it will actively and diligently research any new cases such as cryptocurrencies, securities that are asset-backed and any cross-border financial product transactions. This statement was made by the deputy chief of the Supreme Court at a press conference themed “Opinions of the Supreme People’s Court on Providing Judicial Services and Guarantee for Accelerating the Construction of a National Unified Market” on 25th July.

The Deputy Chief of the Chinese Supreme Court, Justice Zhou Lunjun added that the aim of the research is to protect investors’ legal rights while providing a strong judicial guarantee for the healthy growth and development of the Chinese national market. Meanwhile, China announced Batch 9 of 348 domestic informed Blockchain names and record numbers. Most of the 348 names and record numbers are NFT digital collections which also include two from China’s second-largest game company, NetEase.

Cryptocurrency’s current legal status in China is still largely complicated. While some reports from government bodies like the Shanghai Municipal People’s Government show a favourable stance towards cryptocurrency, Blockchain technology and NFTs, other institutions show great apathy towards them. CQ had reported that Taiwan’s Financial Supervisory Commission (FSC) had announced a ban on credit card cryptocurrency transactions and sent a letter to Asia’s association of banks to disregard cryptocurrency. It still remains to be seen if the banks in other Asian countries will respond positively to the letter and sideline cryptocurrency.

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