Despite repression and attempts to completely eradicate all cryptocurrency transactions in the country, tax authoritiesChinese authorities are calling for a tax base to be defined for the digital asset industry.
In recent years, the country has declared BTC illegalasset, banned ICOs, closed crypto-exchanges, cut off participants in the crypto market from banking services and eliminated miners. However, the state tax agency is still worried about possible tax evasion on cryptocurrency transactions and is asking the ruling party to determine the taxation policy and rules for declaring such assets.
The IRS calls on not only to define tax policy, but also to register and track all owners of digital currencies.
China should develop a declaration mechanismand registration of ownership of digital assets and conduct registration and constant tracking of owners of virtual currency. Subscribe to ForkNews on Telegram to keep abreast of news from the world of cryptocurrencies
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