It pays to have a QLUE!News that China now wants to
tax crypto and
increase NFT oversight lines up perfectly with BIG's foresight and timing in 2022. BIG was already prepared for both.
- Jun 16, 2022 - Blockchain Intelligence Group Launches Industry-First NFT Explorer..... the first risk and investigation solution for NFTs, built on the QLUE™ data analytics platform.
[url=https://biggdigitalassets.com/press-releases/blockchain-intelligence-group-launches-industry-first-nft-explorer/ ][/url] - Nov 2, 2022 - BIGG Digital Assets portfolio company, Blockchain Intelligence Group, officially launches its globally recognized Certified Crypto Investigations (CCI) course in Chinese
https://biggdigitalassets.com/press-releases/blockchain-intelligence-group-launches-worlds-first-chinese-language-crypto-investigations-training/
~~~~ Justin Sun says China taxing crypto means legalization is coming
Ernest Hoffman Monday January 30, 2023 11:18
Justin Sun, founder of the TRON network and recently confirmed ‘leader’ of the Huobi cryptocurrency exchange, said in a twitter thread on Sunday that he believes China will soon loosen restrictions on crypto. “China has taken a big step towards cryptocurrency regulation with the implementation of a tax on crypto transactions,” Sun wrote. “The tax on crypto transactions is a clear indication that the Chinese government views cryptocurrencies as a legitimate form of wealth and wants to ensure its proper taxation.”
Sun was responding to a report published by Chinese technology journalist Colin Wu on Jan. 25 which revealed that Chinese tax authorities had been conducting investigations into the revenues of ‘crypto whales’ to tax their income. Wu quoted an anonymous whale who told him that “since the beginning of 2022, a local tax department asked for an audit of its personal income tax. There are many people and a detailed list of the whales that have been inspected.”
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.”
Sun said this new engagement by tax authorities should boost cryptocurrency adoption in China “as it provides a clear regulatory framework for individuals and businesses,” and that he expects “that the government will further regulate the crypto industry, providing further legitimacy and stability.”
(full story in link) https://www.kitco.com/news/2023-01-30/Justin-Sun-says-China-taxing-crypto-means-legalization-is-coming.html
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and this development on NFTs in China:
China to expand its digital yuan trial and increase NFT oversight
https://www.kitco.com/news/2023-01-30/China-to-expand-its-digital-yuan-trial-and-increase-NFT-oversight.html
NFT oversight
Authorities in the Hainan province posted a public notice on Sunday in which they vowed to increase their oversight of non-fungible tokens (NFT) due to the inherent risks of fraud, money laundering and illegal fundraising that the sector poses.
The memo, which was released by the Hainan market regulator and nine other agencies, called on the relevant city and county departments to “increase their supervision of the digital collection industry and guide market entities to operate legally and in full compliance.” This will help local authorities monitor and prevent financial risks related to digital collectible trading platforms in their respective regions.