Justin Sun says China is embracing cryptos following reports of taxation on digital asset.

According to Sun, Chinese regulators will further regulate the industry.

China’s tax and banking authorities still have varying opinions on crypto.

Following reports from last week that China has implemented a tax on cryptocurrency transactions, Justin Sun, crypto entrepreneur and founder of the Tron cryptocurrency, said, “This signals the country’s increasing embrace of cryptocurrencies.” According to Sun, the new tax directly hints that regulators in China view cryptos as a “legitimate form of wealth.”