China’s Duyun City Pilots New Protocol for Handling Crypto Assets

Duyun City, Guizhou, China is pioneering a unique approach to crypto asset management by implementing a new protocol that involves freezing seized virtual currencies and storing them in cold wallets. This pilot initiative aims to enhance security amid growing regulatory scrutiny. The protocol, overseen by the Duyun Public Security Bureau and the Duyun City Property Management Center, prioritizes physical isolation of assets until court decisions are reached. 🔒 💸 This approach highlights China’s commitment to stringent asset management in line with recent regulations.