关键词: 虚拟货币犯罪, 结构性风险, 三重分析框架, 数字金融安全, 中国实践

Abstract: With the deep development of blockchain technology and the accelerated integration of the global digital economy, virtual currencies are reshaping the financial ecosystem, but simultaneously giving rise to new types of criminal activities with diverse forms and far-reaching harms. These activities exhibit deep-seated characteristics such as disembedded subject identities, modularized criminal activities, technological iteration of criminal methods, and networked criminal hazards, becoming new structural risk carriers in the financial sector. Based on the triple analytical framework of “technology-institution-capital,” this paper systematically analyzes the evolutionary path and deep-seated generation logic of virtual currency crimes from instrumental application to ecological infiltration. On this basis, transcending simple policy reviews, this paper theoretically refines Chinese practical experience in governing new types of virtual currency crimes. The research shows that China has constructed a comprehensive and penetrative governance system through the reshaping of the institutional dimension, the countermeasures in the technological dimension, and the regulation of the capital dimension. This practice not only effectively curbs local risks but also contributes Chinese wisdom with theoretical depth and practical value to risk governance and order reconstruction in the era of global digital finance.

Key words: virtual currency crime, structural risk, triple analytical framework, digital financial security