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Supreme People's Procuratorate: Two cases of personal information black and gray industry settled with virtual currency, involving over 9.4 million yuan

The Supreme People's Procuratorate released typical cases of legally protecting citizens' personal information, two of which are related to the cryptocurrency industry. In Case One, Wang and 11 others established a chain of "finding downstream buyers domestically --- obtaining personal information from abroad --- reselling at a markup domestically," paying for purchases to foreign upstream sources with virtual currency, and reselling information such as citizens' household registration, property status, and tracking trajectories, with an amount involved exceeding 1.98 million yuan. The court sentenced each defendant to imprisonment ranging from three years and six months to eight months, and imposed fines.In Case Seven, Lin and 21 others illegally obtained over 870,000 pieces of personal information of job applicants under the guise of recruitment, through online recruitment platforms and by bribing corporate human resources personnel, selling it to foreign entities for profit. The illegal gains were settled in virtual currency and then exchanged for RMB, with an amount involved exceeding 7.46 million yuan. The court sentenced each defendant to imprisonment ranging from five years and three months to six months, and ordered them to bear civil liabilities such as public welfare damage compensation.

first_img Shinhan Card of South Korea collaborates with Japan's SBI to explore cross-border payment settlement with a yen stablecoin

According to CoinDesk, Shinhan Card, a subsidiary of South Korea's Shinhan Financial Group, is collaborating with a subsidiary of Japan's SBI Holdings to explore the payment applications of a yen stablecoin between the two countries. Participants include the cryptocurrency exchange SBI VC Trade and the trade finance blockchain company SBI XDC Network APAC.The collaboration will study scenarios such as card-linked merchant payments for Japanese tourists visiting South Korea, wallet-to-wallet transfers, and cross-border trade settlements, and will include suspicious transaction monitoring and anti-money laundering compliance systems. Shinhan Card serves approximately 20 million cardholders and stated that it will connect this project with Shinhan Financial's broader digital asset strategy, which includes an agreement reached in August with Visa to explore stablecoin issuance, transfers, and card settlements.Currently, the project is still in its early stages, and the parties have not disclosed the types of stablecoins to be tested, nor have they set a timeline for testing or commercial rollout. SBI has previously issued the yen stablecoin JPYSC, launched by SBI Shinsei Trust Bank and introduced in collaboration with Startale Group, which had a circulation of approximately 20.1 billion yen (about 127 million USD) as of September 7. JPYSC is currently only available for use in SBI VC Trade accounts and cannot be transferred to external wallets. Its circulation on the public chain depends on legal and tax clarity and regulatory approval, and the parties have not indicated whether JPYSC will be included in this test.
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