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

摘要： 随着区块链技术的深度发展与全球数字经济的加速融合，虚拟货币正在重塑现代金融生态，但同时也催生出形态多变、危害深远的新型犯罪活动。这些犯罪活动呈现出主体身份难以追溯、犯罪行为模块化、犯罪手段技术迭代、犯罪危害网络化等深层特征，已成为金融领域新的结构性风险重要诱因。本文立足“技术—制度—资本”的三重分析框架，系统剖析涉虚拟货币犯罪从工具化应用向生态化渗透的演化路径及其深层生成逻辑。在此基础上，本文超越对政策的简单梳理，对中国治理虚拟货币新型犯罪的实践经验进行学理性提炼。研究表明，中国通过制度维度的重塑、技术维度的反制以及资本维度的规范，构建了全链条、穿透式治理体系。这一实践不仅有效遏制了本土风险，也为全球数字金融时代的风险治理与秩序重构提供了基于中国实践的制度参考。

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