According to a recent report from a local news agency Sina Finance, China has sanctioned the Bitcoin mining company Bitmain Technologies for alleged tax violations. Bitmain has been fined by the Beijing Municipal Office of the State Administration of Taxation, as per the aforementioned news report. The Beijing regulator has fined Bitmain approximately 25 million […]
from a local news agency Sina Finance, China has sanctioned the Bitcoin mining company Bitmain Technologies for alleged tax violations.
On 4 April, Bitmain was fined for allegedly failing to pay personal income taxes in accordance with Chinese laws based on tax collection administration. The tax body also stated that in August 2022, tax inspectors served Bitmain with a notice for violating certain tax norms. So far, Bitmain’s Beijing unit has failed to pay a total of 16.6 million yuan in personal income tax.Bitmain, which was founded in 2013, is one of the world’s largest cryptocurrency mining companies, best known for producing crypto mining-specific hardware and services.
Even as there is regulatory uncertainty amidst a major bearish sentiment in the crypto market in 2022, Bitmain’s enterprise has continued to thrive.
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