China vs Saint Kitts and Nevis
Crypto regulation comparison
China
Saint Kitts and Nevis
Banned
Legal
China has imposed a comprehensive ban on cryptocurrency activities. In September 2021, the PBOC and ten other agencies jointly declared all cryptocurrency transactions illegal, and the State Council banned crypto mining. China is instead promoting the digital yuan (e-CNY) CBDC.
Saint Kitts and Nevis has taken a crypto-friendly approach. No income or capital gains tax. The country accepts crypto for citizenship by investment.
Tax Type
Unclear
Tax Type
No tax
Tax Rate
N/A
Tax Rate
0%
Exchanges
No
Exchanges
Yes
Mining
No
Mining
Yes
Regulator
PBOC (People's Bank of China), CBIRC, CSRC
Regulator
Eastern Caribbean Central Bank (ECCB), Financial Services Regulatory Commission
Stablecoin Rules
Not applicable; all crypto activities are banned
Stablecoin Rules
No specific stablecoin regulation
Key Points
- All crypto transactions declared illegal by PBOC and 10 agencies in September 2021
- Crypto mining banned by the State Council in 2021 after a series of provincial crackdowns
- Financial institutions and payment companies prohibited from facilitating crypto services
- China actively developing and piloting the digital yuan (e-CNY) CBDC
- Despite the ban, some Chinese citizens reportedly access crypto via VPNs and OTC desks
Key Points
- Crypto-friendly regulatory approach
- No income or capital gains tax
- Citizenship by investment accepts cryptocurrency
- ECCB provides regional monetary oversight
- Growing digital economy initiatives