One of the most common concerns for newcomers is whether buying and selling crypto is legal. Currently, personal holding and trading of cryptocurrency is not illegal. If you're interested, you can register on Binance to explore, or download the Binance APP to check market prices first.
Current Policy Landscape
Domestic policies primarily prohibit cryptocurrency-related commercial activities, including:
- Banning exchanges from operating within the country
- Banning ICO and other token issuance activities
- Banning financial institutions from providing cryptocurrency-related services
However, policies do not prohibit individuals from holding and trading cryptocurrency. Individuals buying and selling through overseas platforms is considered personal activity.
What to Be Aware of for Personal Trading
- Use legitimate overseas trading platforms like Binance
- Ensure fund sources are compliant during P2P trading
- Keep complete transaction records
- Do not participate in any form of money laundering
- Consult professionals for large transactions
Tax Considerations
China currently lacks clear tax policies for personal cryptocurrency trading, but profits theoretically constitute personal income. It's recommended to stay informed about policy developments.
Safety Advice
Choose major international platforms like Binance for better fund security. Avoid unknown small platforms to prevent asset losses.