Ekta Mourya
FXStreet
Chinese journalist Colin Wu reported Chinese authorities’ efforts to tax cryptocurrency firms and individuals. Experts believe that in an attempt to control the collection of crypto taxes, China could legalize crypto.
Also read: Whales chase AAVE for massive gains, the Ethereum-based protocol token could rally on one condition
Colin Wu reported that local tax authorities in China have begun imposing a 20% personal income tax on the investment profits of individual crypto investors and Bitcoin miners. China currently has strict regulations on illegal financial activities in the form of virtual currencies. However, based on the current situation, holding Bitcoin and cryptocurrencies in the portfolio is not explicitly prohibited by the law.
Cryptocurrency-related activities are not legal in China. This poses a challenge for taxation. As of early 2008, there were a lot of discussions around virtual tokens on online forums and games. Wu reported that experts are of the opinion that the need to tax cryptocurrencies may have the potential to force the legalization of the crypto industry in China.
While the Chinese government has been cracking down on cryptocurrency trading and mining, there are indications that they consider legalization and regulation of crypto to gain more control and collect taxes. Cryptocurrency-related activities are not legal, however this poses a problem for taxation and similar discussions have taken place as early as 2008.
In October 2021, China Tax News, a subsidiary of the State Administration of Taxation, published an article “Preventing Tax Risks from Virtual Currencies.” This represents the stance of tax authorities on digital assets and their taxation.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Cardano price rallied by a little more than 3% to trade at $0.386. ADA price has maintained a rather low profile throughout the month of Jan as the 3rd generation cryptos only registered a 57% rise over the last four weeks.
ApeCoin Price is in question as the uptrend move is not delivering the same amount of strength witnessed in the trend prior. Traders should be on the lookout as a sudden dip could be the start of a much larger decline.
Dogecoin price is showing substantial evidence to suggest a market decline is on the way. Investors should be aware DOGE’s downside potential going into the final days of the month. A breach above $0.095 would invalidate the bearish thesis.
Bitcoin price had managed to recover all of its losses from November 2022, when the king coin slipped to trade at $15,000. Since then, BTC has attempted to rise further and clear a seven-month-long hurdle, in effect pushing the price above $25,000.
US Dollar Index (DXY) seesaws near 102.00 as the bulls struggle to defend the first daily gains in three, marked the previous day, during early Tuesday’s inactive trading.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
How To Make Huge Profits In A Short Time With CryptoGet detailed training system that shows an absolute beginner (without any skill) how to make huge profits in a short time with crypto.
Crypto + NFT Quick Start CourseThe #1 course for profit in the Crypto & NFT world - You will discover the secrets that 99% of people don’t know yet
