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.
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 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
Michael Selig is the latest candidate who has been chosen by President Donald Trump to…
Institutional momentum in XRP is accelerating as the first U.S. spot XRP ETF ($XRPR) reached…
HYPE, the native token of the decentralized exchange Hyperliquid, has witnessed a notable price surge…
In the latest XRP news, Ripple has introduced 'Ripple Prime,' which it plans to integrate…
Traders are betting on the FOMC to make two more rate cuts this year following…
Crypto.com has submitted an application with the U.S. National Trust Bank Charter. It aims to…