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China Crypto Roundup (Oct. 18-Oct. 24) :China’s Regulators Have Their Eyes on NFT

1. Mclouds will close all mining service in Mainland China

Miners hosting platform Mclouds will close all mining service in Mainland China by December 31. As one of the biggest miner hosting platform, Mclouds offers Bitcoin , Ethereum and Filecoin miners hosting service.

2. Alibaba’s shopping app Tmall launched its first Metaverse Art Exhibition

Exhibiting brands include Alienware, Burberry, Xiaopeng Automobile, etc. Click the crystal ball so you can understand the creative concept of each brand’s artwork.

3. Chinese crypto users turn to registered overseas companies for KYC after more and more exchanges left China

According to Beijing Business Today, some Chinese users are trying to conduct KYC through overseas registration of companies. Register an overseas company first, and then connect with exchanges to establish corporate certification. They only need to provide ID and blank paper with signature, then pay thousands of yuan, you can complete overseas company registration within 1-3 days.

4. Chinese crypto Brokerage BitKan is going to shut down service in China

It already stopped new user register from Mainland China after Sep. And will stopping all trading functions for Mainland China users from Nov.13. But they can withdraw and transfer their coins.

5. President Xi Jinping: With the accelerated innovation of Blockchain and other technologies, China’s digital economy should be continuously strengthened and optimized

President Xi emphasized in the study meeting of the Political Bureau of the CPC Central Committee that in recent years, the accelerated innovation of Internet, big data, cloud computing, AI, blockchain and other technologies is becoming a reorganization of global factor resources and reshaping the global economy structure. It is the key force that changes the global competitive landscape. At present, we should promote the deep integration of digital technology and the real economy, empower the transformation and upgrading of traditional industries, give birth to new industries, new formats and new models, and continue to strengthen and improve China’s digital economy.

6. The Loudi Taxation Bureau of the State Administration of Taxation of China issued an article “Preventing Tax Risks Brought by Virtual Currency”

The key points mentioned are:

-For the services previously provided by overseas exchanges to Chinese residents, relevant taxes and fees such as value-added tax, corporate income tax, and stamp duty must be paid in accordance with China’s tax law.
-China does not expressly prohibit the personal holding of virtual currencies such as Bitcoin .
-Prevent domestic enterprises and residents from participating in virtual currency transactions at home and abroad to avoid taxation.
-China should improve the relevant property declaration and registration mechanism, and carry out real-name registration and dynamic tracking of users who hold a large amount of virtual currency.
-In judicial areas such as fines and confiscations, reorganization, mergers and acquisitions, bankruptcy liquidation, etc., it is necessary to clarify the disposition of virtual currencies to avoid the loss of national taxes.

7. China’s regulatory authorities strengthen the supervision of Internet companies’ NFT platforms

Recently, the regulatory authorities have strengthened the supervision of Chinese Internet companies’ issuance of NFTs and their NFT platforms, and some Internet companies have been interviewed. At present, including Tencent, Alibaba have deleted the word NFT and changed it to “digital collection”. On the other hand, various big companies are joining the NFT field. Recently, McDonald’s China, DHL China, and have all issued their first NFTs.

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