Looking at the preferential tax policies for domestic exchanges, a question arises: could they actually be having the opposite effect?

As a result of aiming for industry-friendly tax regulations, the system has become more complicated, paradoxically raising the barriers to entry. Many users become discouraged by this complexity and ultimately stay away from trading.

In such cases, it becomes more straightforward and efficient to buy BTC spot ETFs through securities companies rather than purchasing wide-spread BTC on domestic exchanges. The complexity of the tax system is inadvertently accelerating the shift toward financial products offered by major securities firms.