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China Preparing “Crypto Comeback”, Says Tron Founder Justin Sun

Tron founder Justin Sun on Monday said China preparing a comeback to the crypto industry after crypto trading and mining crackdown in mid-2021. has taken a big step towards cryptocurrency regulation with the implementation of a tax on crypto transactions. Justin Sun remains confident about Tron’s acceptance in China eventually.

Tron Founder Justin Sun Sees China’s Comeback to Crypto

Justin Sun in a series of on January 30 said China signals a return to the crypto industry with the implementation of a tax on crypto transactions. He believes it’s a big step toward cryptocurrency regulation amid increasing crypto adoption in the country despite a crypto crackdown in mid-2021.

China’s local tax authorities have begun to impose a 20% tax on crypto. Justin Sun asserts tax on crypto transactions clearly indicates the Chinese government’s view of cryptocurrencies as a legitimate form of wealth and wants to ensure its proper taxation.

The tax policy will boost crypto adoption in the country. Moreover, it will provide a clear regulatory framework for people and businesses. China is expected to further regulate the crypto industry to “provide further legitimacy and stability.”

“The crypto tax in China is a positive development for the global cryptocurrency market and may set a precedent for other countries to follow.”

Justin Sun Plans Moving to Hong Kong

Justin Sun is moving to Hong Kong as he believes the crypto market is on the rise. Experts predict that China will dominate the next crypto bull market amid Hong Kong’s crypto hub plans. He believes Tron and Huobi Global will lead crypto in Hong Kong development.

Furthermore, he Tron (TRX) will be accepted in China eventually, as most Chinese people are using TRX anyway.

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Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, ArtifiRead more…cial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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