According to the current law, our country does not restrict this kind of investment behavior of individual citizens, just like the issuance and financing of virtual tokens banned in our country recently. Peer-to-peer token transactions between citizens are not prohibited, nor are citizens prohibited from investing in overseas virtual currency projects.
Citizens are also not prohibited from trading on overseas virtual token platforms. Similarly, foreign exchange is only an investment target. The state has not promulgated laws to prohibit individual citizens from investing abroad, but because the foreign exchange margin business has not been fully opened at home and abroad, there are no companies or institutions in China to organize citizens to conduct foreign exchange transactions.
Setting up a foreign exchange investment platform in China to provide agency services for overseas foreign exchange trading platforms to collect commissions is suspected of constituting the crime of illegal business operation. Taking the provision of agency services for overseas foreign exchange platforms as an example,
In judicial practice, judicial organs often find that such platforms buy and sell foreign exchange outside designated foreign exchange banks, China Foreign Exchange Trading Center and its sub-centers without obtaining the approval or filing consent of the industry regulatory authorities according to law, which is a typical illegal business operation.
Legal basis: 1998 "Interpretation of the Supreme People's Court on Several Issues Concerning the Specific Application of Laws in the Trial of Criminal Cases of Fraudulent Purchase and Illegal Trading of Foreign Exchange". Whoever buys or sells foreign exchange outside the designated foreign exchange banks, China Foreign Exchange Trading Center and its sub-centers and disrupts the order of the financial market in any of the following circumstances shall be convicted and punished in accordance with the provisions of Item (3) of Article 225 of the Criminal Law.
1. Domestic individuals and domestic institutions may retain foreign exchange income.
The compulsory settlement of foreign exchange income under the current account has been cancelled, that is to say, foreign exchange income under the current account of domestic individuals and domestic institutions can be retained and accumulated, which is an important source of legal foreign exchange.
Second, the legitimacy of the trading platform.
Secondly, the choice of trading platform must be legal. Generally speaking, it is a common legal practice to use the online platform of foreign parent banks to conduct transactions. This trading platform is universal. Generally speaking, some foreign parent banks will apply to CBRC for e-banking business license from domestic branches, and it is feasible to put servers in China to link foreign platforms.
Third, distinguish between foreign exchange transactions and RMB settlement and sale.
Foreign exchange transaction is a transaction between foreign exchange and foreign exchange, which will not affect the balance of international payments of RMB, and is different from the settlement and sale of foreign exchange and RMB. China does not have any laws and regulations to restrict foreign exchange and foreign exchange transactions, as long as it is a bank whose business scope is "foreign exchange business".
Four, about the single criminal law
First of all, all foreign exchange crimes are administrative crimes, and violation of administrative law is the premise of crime. There is no administrative law prohibiting foreign exchange transactions in China, so it cannot constitute a crime. Secondly, looking at the law, it is mainly aimed at fraudulent foreign exchange transactions such as foreign exchange fraud, and honest and trustworthy foreign exchange transactions are protected by law.
However, it must be noted that foreign exchange transactions should be handled in banks with foreign exchange business qualifications. Branches of foreign banks are irrelevant, and the parent bank can also handle them in China.
Verb (abbreviation for verb) The actual demand for foreign exchange transactions.
In addition to speculative arbitrage, foreign exchange trading has many functions to hedge the risk of exchange rate fluctuations, and it is an important financial trading tool that cannot be eliminated. It is meaningless to deny its legitimacy. Besides, it's nobody's business for me to change dollars into euros, as long as I don't hold the RMB upside down.
Extended data
According to the foreign exchange trading regulations:
Customers of foreign exchange margin trading
1) If you have a certain amount of foreign currency assets on hand: for example, if you have a foreign currency deposit of $65,438+million, if the dollar/euro depreciates by 20%, your assets will also depreciate by 20% relative to the euro.
2) There are a lot of RMB assets on hand: Since RMB is linked to the US dollar, the depreciation of the US dollar is equivalent to the depreciation of RMB, so it is necessary to use one-year deposit interest to preserve the monetary assets in hand.
3) Have formal foreign business: buy the required foreign currency in advance with a small amount of money to avoid the passive side brought by exchange rate fluctuations.
4) Investment and financial management demand: As the best investment and financial management product in the world, foreign exchange margin trading deserves your high attention.
5) Serious losses in stocks and futures: In the foreign exchange market, there are many opportunities to change from thousands to tens of thousands in a few months, but in the stock and futures markets, it is not easy to double. According to the characteristics of foreign exchange margin trading, you can get the highest financing of 100 times, which gives you the opportunity to get high profit returns with small funds.
Baidu encyclopedia-foreign exchange transactions (currency exchange in various countries)