It is a good thing that the cryptocurrency market is regulated by China. I have always hoped that China would impose taxes on the cryptocurrency market to regulate it, as this would prevent many people from being in danger. In China, the attitude towards the cryptocurrency market has always been ambiguous; state media clearly instructs everyone not to engage in virtual currencies, but does not explicitly state that playing with virtual currencies is illegal. However, if someone uses virtual currencies to commit crimes, the police will definitely take action. Because it is always in a gray area—neither acknowledging nor prohibiting it—this has led many people to speculate and make significant profits from trading. They cannot withdraw large amounts of money domestically; if you try to withdraw large sums in the country, you cannot pay taxes.
Because this industry has not been recognized, you cannot pay taxes. Your money can be targeted at any time. If the exchange sells your OTC personal information, along with some local finance departments, you cannot provide the source of funds. There are various methods to label you and confiscate your assets, potentially leading to imprisonment.
Therefore, if the cryptocurrency market is regulated by China, it would mean that the cryptocurrency market is a legitimate profession, and there would be specialized tax departments to oversee it. You would be able to freely deposit and withdraw funds at banks, similar to how many banks in Hong Kong support transactions without restrictions. This would be very safe for those in the cryptocurrency market, as safety is the most important aspect when earning billions in the cryptocurrency space. If it becomes compliant in the future, even if you pay half of your taxes and follow legal processes, as long as your paperwork is complete, no relevant authorities will cause you trouble.
But right now, the cryptocurrency market is always in a gray area within the country, so withdrawing funds domestically is very dangerous. Many U traders claim they are responsible if something goes wrong, and they only profit from these small retail investors. When large capital users are truly politically persecuted by exchanges, there is no solution. They directly label you with a crime, and all the funds in your exchange are frozen, while all the money in your bank card is confiscated. What good is that?
So, China's regulation of the cryptocurrency market is beneficial for us who make money through trading and do not engage in illegal activities, as we will not easily be politically persecuted by exchanges and do not have to live in fear. Personally, I hope that in the future, China can regulate the cryptocurrency market. Even if the taxes are high, I won't worry, because at least this significantly increases security and prevents persecution by exchanges. $ETH