The court verdict makes the use of virtual assets criminal and carries heavy penalties and jail time. The Supreme People’s Court, the highest court in China, ruled on Thursday that the virtual asset transaction is “unlawful fundraising”. The Supreme Court decision comes with changes to previous designations of various articles regarding the topic of crypto transactions. In one of the amendments, point 8 of article 2 encompasses “illegal collection of funds through online lending, equity investment, [and] virtual currency transactions,” the court said. The court’s decision gives the authorities the power to prosecute the suspects and apply the necessary sanctions….