Any government can indirectly impose tax on crypto in its entirety, so that's not a problem at all. China's main problem is how madly paranoid they are when it comes to capital outflow. It has been like that for years now, and the only thing crypto did was making China's paranoia worse. Instead of somewhat controlling the situation, crypto wiped all their prior efforts off the table, and formed more of a potential threat in that aspect than ever before. That's why it actually surprised me that China didn't take any actions against crypto years ago already. It's either them at that point having believed that crypto wouldn't last, or they thought it was a manageable threat. Whatever turns out to be the case, their actions against crypto in current days speak for themselves. I however believe that their sanctions aren't final, but just an attempt to buy time in order to come up with proper regulations....