China Preparing “Crypto Comeback”, Says Tron Founder Justin Sun
Tron founder Justin Sun on Monday said China preparing a comeback to the crypto industry after crypto trading and mining crackdown in mid-2021. China has taken a big step towards cryptocurrency regulation with the implementation of a tax on crypto transactions. Justin Sun remains confident about Tron’s acceptance in China eventually.
Tron Founder Justin Sun Sees China’s Comeback to Crypto
Justin Sun in a series of tweets on January 30 said China signals a return to the crypto industry with the implementation of a tax on crypto transactions. He believes it’s a big step toward cryptocurrency regulation amid increasing crypto adoption in the country despite a crypto crackdown in mid-2021.
China’s local tax authorities have begun to impose a 20% tax on crypto. Justin Sun asserts tax on crypto transactions clearly indicates the Chinese government’s view of cryptocurrencies as a legitimate form of wealth and wants to ensure its proper taxation.
The tax policy will boost crypto adoption in the country. Moreover, it will provide a clear regulatory framework for people and businesses. China is expected to further regulate the crypto industry to “provide further legitimacy and stability.”
“The crypto tax in China is a positive development for the global cryptocurrency market and may set a precedent for other countries to follow.”
Justin Sun Plans Moving to Hong Kong
Justin Sun is moving to Hong Kong as he believes the Chinese crypto market is on the rise. Experts predict that China will dominate the next crypto bull market amid Hong Kong’s crypto hub plans. He believes Tron and Huobi Global will lead crypto in Hong Kong development.
Furthermore, he believes Tron (TRX) will be accepted in China eventually, as most Chinese people are using TRX anyway.
Also Read: Binance Burns Over 16 Million BNB Tokens
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