Bitcoin’s $100K Surge Prompts Tax Authorities to Take Notice as Vitalik Visits Authentic Moo Deng: Asia Express

China’s stance on Bitcoin has been clarified by commercial judge Sun Jie at Songjiang District People’s Court in Shanghai. According to Judge Sun Jie, cryptocurrencies are considered commodities but engaging in crypto activities like trading or payments is illegal under Chinese law. This was reiterated in a recent case involving token issuance guidance services.

In another case at the Jiahe County People’s Court in Hunan province, a dispute arose over $6.27 million in USDT used to purchase crypto mining equipment. The court ruled that cryptocurrencies like Bitcoin, Ether, and USDT are not legal tender and cannot be used as currency.

The recent election victory of US President-elect Donald Trump has sparked speculations that China might ease its strict stance on crypto, but no official indication has been provided.

Bitcoin’s surge towards $100,000 since Trump’s election victory has brought crypto tax discussions to the forefront in East Asian countries. South Korea plans to implement a 20% tax on crypto gains, with the taxable threshold set to increase to $36,000.

Taiwan’s Finance Minister Chuang Tsui has pledged to review crypto tax regulations, as the nation struggles to effectively collect taxes on profits from crypto trading. Japan is also considering sweeping tax reforms, including reducing the cryptocurrency tax rate from 55% to a flat 20%.

In India, a political controversy has erupted over the alleged misuse of 80,000 Bitcoins seized during a 2018 cryptocurrency Ponzi scheme investigation. Former Indian Police Service officer Ravindranath Patil claims that the Bitcoins were misused to fund political campaigns, implicating prominent political figures in the process.