Justin Sun, a well-known entrepreneur and founder of the Tron (TRX) blockchain, expressed his opinion on regulation of cryptocurrencies in China. He noted that the Chinese authorities have taken a huge step towards controlling the virtual currency market, thanks to the introduction of a special tax on all transactions related to this asset class.
According to San, this indicated that, despite all the repression by government officials, cryptocurrencies are becoming more popular among the population of the country. According to businessman, the tax on cryptocurrency transactions has become a clear indication that the Chinese government considers digital assets as a legitimate form of wealth accumulation and wants to ensure proper taxation.
According to San, it is expected that the tax policy will continue to stimulate the adoption of cryptocurrencies in the country. The expert assured that the current approach of authorities signaled that their actions would be aimed at forming a clear regulatory framework for individuals and enterprises.
According to Justin Sun, with the increase in the use of cryptocurrencies in China, the government will continue to take steps to regulate this industry. The tasks of financial regulators and other supervisory authorities will include fully ensuring the legitimacy and stability of the sector.
The Asian entrepreneur stressed: the news about the introduction of a tax system for cryptocurrencies in China is a positive event for the entire market. This may become a precedent and other countries will follow the example of the Chinese authorities in the foreseeable future.
Sun assured that TRON and Huobi (exchange run by a businessman) pay great attention to innovation and want to play an important role in stimulating the growth and development of blockchain technology and cryptocurrencies in China.
