Despite crackdowns and attempts to completely eradicate all cryptocurrency transactions in the country, Chinese tax authorities are calling for a tax base for the digital asset industry to be defined.
In recent years the country has recognized BTC as an illegal asset, banned ICOs, closed crypto exchanges, cut off crypto market participants from banking services and liquidated miners. However, the state tax agency is still concerned about possible tax concealment from cryptocurrency transactions and is asking the ruling party to determine the taxation policy and rules for declaring such assets.
The tax agency calls not only to determine the tax policy, but also to register and track all owners of digital currencies.
China should develop a mechanism for declaring and registering ownership of digital assets and carry out registration and continuous tracking of virtual currency owners.Subscribe to ForkNews in Telegram to stay up to date with news from the world of cryptocurrencies
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