Is It Illegal for Crypto KOLs to Run Paid Communities and Sell Courses?
Summary: This article, authored by lawyer Shao Shiwei, addresses the legal risks faced by crypto Key Opinion Leaders (KOLs) who offer paid communities and courses related to cryptocurrency trading. The author explains that while there is no direct licensing system for such activities in China, authorities still reference virtual currency policies in enforcement.
KOL activities are categorized into three risk levels:
1. Low-risk: Historical trend analysis and basic education without real-time guidance.
2. Medium-risk: Providing daily market analysis and ambiguous suggestions (e.g., "this position is worth watching").
3. High-risk: Explicit trading signals, specific buy/sell points, or profit-sharing arrangements.
Key legal risks include civil liability (e.g., user lawsuits over losses) and criminal charges (e.g., fraud accusations if users suffer losses). Even disclaimers like "not investment advice" may not protect KOLs, as courts focus on the实质 (substance) of the content. The article emphasizes that risk depends on whether content is perceived as operational guidance, its influence on user decisions, and payment structures. KOLs are advised to assess their specific business models carefully.
marsbit04/22 01:40
