Justin Sun says China taxing crypto means legalization is coming Cryptocurrencies
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Wu also said that the audit process of the large crypto investors is still ongoing, but they are looking to apply the basic Chinese income tax rate to their earnings. “The tax rate of property transfer income in personal income tax is 20% of personal profit/income, in the above specific cases, it should be 20% of the income from the fund.”
Cryptocurrencies have been illegal in China since 2021, so Sun’s comments were carefully worded to take credit for “blockchain technology” while avoiding blame for any ongoing crypto trading.Source: Exchanges such as Huobi provided client information to Chinese tax authorities. Some big customers have already been asked to collect taxes. https://t.co/f4c9a10FEbSun answered back quickly. “Currently Huobi is based in Seychelles and operates in Caribbeans,” he said.
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