A Chinese court has initiated a new asset disposal model termed "domestic entrustment, overseas disposal, closed-loop return." The process involves the court entrusting a third-party agency to handle the disposal. This agency, after providing a performance guarantee, delegates the overseas transaction to a qualified foreign agent. The transactions are conducted on a licensed virtual asset trading platform certified by the Hong Kong Securities and Futures Commission, ensuring prices are not below the 20-day average prior to the transaction.
Funds from these transactions are converted and transferred into a court-designated account after obtaining approval from the State Administration of Foreign Exchange. The proceeds will either be confiscated and submitted to the national treasury or returned to victims, in accordance with legal procedures.
Chinese Court Implements Cross-Border Asset Disposal Model
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