Bitcoin in Japan: Officially Recognized in April; Asset or Expense?
As a Japanese Cabinet-signed law recognizing virtual currencies like bitcoin as a legal method of payment goes into effect on April 1, bitcoin companies and adopters are short on answers about accounting standards specific to cryptocurrencies. In February 2016, Japan’s Financial Services Agency (FSA), the country’s financial regulator, looked into proposals to consider legislative revisions that would recognize bitcoin and digital currencies as equivalents to conventional currencies. The revision, if approved, would see bitcoin as “fulfilling the functions of [a] currency.” Come March, the....
Related News
Opposite to the downtrends of crypto prices, web 3 developments continue to make headlines almost daily. Following the UAE’s initiative to make the Emirates a metaverse and web 3 technology centre, Japan officially enters the web 3 zone. Fukuoka, the second-largest port city in Japan, has secured a partnership with the Astar Japan Lab to […]
Japan now has two new industry groups to support digital currency and blockchain business in the country, following the launch of the Japan Blockchain Association (JBA). Formed in mid-April, the JBA replaces the former Japan Association of Digital Asset (JADA), which has been active in the industry since July 2014. The new group includes high-profile....
Bitcoin will soon be legally recognized as a method of payment in Japan. The bill with provisions for cryptocurrencies has recently passed through the period of public consultation and will enter into force in April. Bitcoin.com examines what the bill means and how it could affect Bitcoin with Special Counsel at Anderson Mori & Tomotsune, Ken Kawai,....
PRESS RELEASE. INTERNET CITY, DUBAI, Sep. 23, 2022 – LBank Exchange, a global digital asset trading platform, has listed PRIMEZTOKEN on September 23, 2022. For all users of LBank Exchange, the PRIMEZTOKEN/USDT trading pair is now officially available for trading.
Aiming to introduce Japan’s world-class contents to Japan and overseas using blockchain technology, Primez provides an NFT marketplace where Japanese contents can be converted into NFTs. Its native token PRIMEZTOKEN has been listed on LBank Exchange at 8:00 UTC on September 23, 2022, to further expand its....
Japan is taking the Mt. Gox collapse seriously and is already looking into measures to address the digital currency conundrum - one of which is to levy taxes on bitcoin transactions. According to the Yomiuri Shimbun newspaper, Japan's ministry of finance and the national tax agency are studying "possible rules" that could govern digital currency transactions. It appears that Japanese authorities think purchases made with digital currencies could be subject to existing consumption and corporate taxes. Even though bitcoin is not recognized as an official currency according to the law, it can....