It is reported that since China strictly restricted virtual money trading in 2021, the custody and handling of involved virtual money has become a major challenge faced by law enforcement agencies across the country. Recently, the public security organs in Duyun City, Qiannan Buyi and Miao Autonomous Prefecture, Guizhou Province, have made innovative attempts in this field, attracting widespread attention.

During the case handling process, the public security department of Douyun City discovered that some criminal suspects were converting illegal gains into Virtual Money. In response to this situation, the Douyun police took a series of measures: first, they froze the involved Virtual Money, then transferred it to a specially designated cold wallet for physical isolation, and finally stored it in the newly established property co-management center in Douyun City, awaiting judicial decision.

This innovative approach not only provides new ideas for the custody of the involved virtual money but also points the way to solving problems related to the custody, transfer, and disposal of the involved property. The joint custody center for involved property in Duyun City officially started operations in November 2022, marking a beneficial attempt at cross-departmental collaboration. As of now, this center has received a large number of involved items, funds, and case files, fully demonstrating its important role in the case handling process.

Although the approach taken by the Guizhou Public Security Bureau provides a feasible solution to the current predicament, various regions are still exploring more refined handling methods. This reflects the need for law enforcement agencies to keep pace with the rapidly changing fintech environment, continuously updating management methods and technical means to tackle the challenges posed by new types of crime.

The launch of this innovative approach not only demonstrates the active exploratory spirit of grassroots law enforcement agencies but also provides a useful reference for the standardized management of involved virtual money across the country in the future. With the promotion and improvement of similar practices, it is expected that more regions will adopt similar measures, further enhancing the efficiency and standardization of the management of involved assets.