Core Issue: Direct Conflict Between Business Model and Regulatory Policies
Written by: Mankun
Industry Review: From Prosperity to Stricter Regulation
In 2017, Lawyer Niu began to engage with cryptocurrencies and joined several communities. At that time, the industry was entering a new boom period, with various regulatory policies yet to be introduced, and the market was full of opportunities. Community content was diverse, with some focusing on popularizing the underlying knowledge of blockchain, others teaching "arbitrage" strategies, and some directly instructing how to buy and sell cryptocurrencies. Indeed, these communities provided many newcomers with learning opportunities, helping them enhance their investment skills. Many people transitioned from novices to seasoned "chives" in this environment.
However, in the blink of an eye, those days seem to have become history, and the industry environment has drastically changed. With the tightening of domestic regulations, many once-prominent figures in the cryptocurrency space have gradually retreated, and community activity has significantly declined. Nevertheless, there are still many communities operating, with some offering investment advice, recommending projects, and even teaching "haircut" strategies and methods for pumping dog coins. But under the current regulatory policies, such activities carry a high legal risk and may even face criminal liability.
The "Notice on Further Preventing and Handling Risks of Virtual Currency Trading Speculation," issued in 2021, explicitly prohibits "providing information intermediary services for virtual currency trading." According to legal interpretation, this behavior refers to providing information release, display, promotion, consultation, and other services for the buying, trading, and matching of virtual currencies (such as Bitcoin, Ethereum, USDT, etc.) through platforms, communities, websites, apps, or other channels. Such behavior does not directly participate in virtual currency trading but provides a convenient information transmission and trading matching environment for both parties involved, thus being included.
It is not difficult to see that any consulting service involving cryptocurrency trading may fall within the prohibited scope. In other words, many training, advice, and information-sharing activities related to virtual currencies may touch upon regulatory red lines.
Of course, you might wonder why these communities are still operating now and seem to be facing no issues. In fact, the reason many things have not encountered problems temporarily is not that they themselves have no issues, but because the contradictions have not yet erupted, and disputes have not arisen. If a member of a community incurs losses during the investment process, even if due to their own erroneous decisions, once a dispute occurs, the problems may become exposed. At that point, it is easy to involve the aforementioned legal risks.
Against this backdrop, whether paid communities teaching cryptocurrency investment can continue to operate, and what model they should adopt to ensure their operational model does not violate current laws, are all topics worth discussing and researching. The legality and sustainability of this business primarily depend on the content of the business, the method of promotion, and whether it touches upon regulatory red lines. This article will discuss these issues from three perspectives: legal risks, business models, and compliance recommendations.
Legal Risks
For businesses charging fees to teach buying and selling virtual currencies, the risks mainly manifest in:
Content Risk: If the training content is limited to technical analysis, market theory, risk warnings, and basic knowledge popularization, and clearly states "for learning reference only, not constituting investment advice," it can generally be regarded as educational training; however, if the course includes specific buying and selling advice, profit forecasts, or directly induces students to trade, it may be deemed as providing illegal investment consulting or market manipulation, thus violating financial regulatory provisions.
Promotion and Marketing Risk: During the promotion process, if profits are exaggerated, high returns are promised, or false information is used to attract customers, it may constitute false advertising, mislead consumers, and even involve pyramid schemes or illegal fundraising, significantly increasing risks.
Ambiguous Business Boundaries: If the training business is confused with actual trading operations, signal services, or "shouting orders," it may lead regulatory authorities to believe it is indirectly providing financial investment services, thus being subject to legal investigation.
Business Model Pathways
Pure Education Model Can Obtain Certain Space
If training institutions strictly position their business as "knowledge popularization and skill training," focusing on teaching theoretical knowledge, tool usage, technical analysis, etc., and continuously emphasize risk warnings in their promotions and actual courses, avoiding providing investment advice, there may be some legal survival space.
It must be repeatedly emphasized that the content of the training business must set strict boundaries, limited to general education and training. Because once the business content involves token selection, trading timing, and other practical advice, it may still be deemed as indirectly inducing investment, violating regulatory requirements.
Continuously Adjusting in Line with Regulatory Requirements
Given that China currently adopts strict suppression measures against virtual currency trading itself, even training services may be affected. Therefore, training institutions need to closely monitor regulatory dynamics and timely adjust their business models and promotional language. In fact, some institutions have attempted to establish companies in Hong Kong or overseas to evade domestic regulations, but this involves cross-border legal issues, and compliance costs will be higher.
Mankun Lawyer's Compliance Recommendations
To reduce legal risks and standardize operations, the following measures are recommended:
Clarify Business Positioning and Content Boundaries
Position courses as "knowledge popularization" and "skill training," strictly prohibiting the provision of specific buying and selling advice or personalized investment guidance.
Ensure that course promotions, contracts, and teaching content clearly state that they do not constitute investment advice.
Improve Risk Warnings and Disclaimers
Courses should detail the high volatility and legal risks associated with virtual currency trading, and repeatedly remind students that "investment carries risks, and caution is required when entering the market."
Include disclaimer clauses in contracts, clearly stating that the training institution is not responsible for students' trading results.
Compliance of Charging Model
Fiat Currency Settlement: Only accept payments in RMB and sign written agreements clearly defining the scope of services (such as technical training, industry information), strictly prohibiting profit promises.
Avoid Virtual Currency Payments: Prohibit the use of cryptocurrencies like USDT for payments to prevent legal risks arising from funding source issues.
Standardize Promotion and Marketing
Prohibit the use of exaggerated profit claims, guaranteed returns, etc.; ensure promotional information is truthful and objective.
Establish an internal review system to conduct legal compliance checks on all promotional materials, consulting professional lawyers when necessary.
Internal Compliance Management
Establish a compliance management system, conduct regular legal training for employees, and ensure all staff understand relevant laws and regulatory requirements.
Appoint compliance officers to assess risks in business operations and make timely adjustments.
Continuously Monitor Policy Changes
Regularly track the latest policies and notices from regulatory authorities and adjust business models accordingly.
If policies tighten, consider suspending or adjusting business models; if policies relax, appropriately expand business.
User Management and Content Review
Real-name Authentication (KYC): Conduct identity verification for students to prevent anonymous users from using training content for illegal trading.
Sensitive Word Filtering: Set up automatic filtering for keywords like "proxy investment," "contracts," "arbitrage," and regularly clean up violations.
Conclusion
In the current strict regulatory environment, charging for teaching cryptocurrency investment carries high legal risks, with the core issue being the direct conflict between its business model and regulatory policies. To operate legally, it is essential to ensure that training content does not involve practical trading operations and to establish a comprehensive risk control system.
If long-term development is desired, it is recommended to position the training business as technical education or compliance consulting while maintaining continuous attention to regulatory dynamics. Regular consultations with professional lawyers for compliance assessments are key to ensuring the sustainable development of the business.
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