Japanese Government Poised to Regulate, Tax Bitcoin Trades
Bitcoin has been deemed not a currency, but a commodity like gold or silver, in Japan. The government is poised to lay out regulation and tax bitcoin trades, according to Nikkei. Not surprisingly, traders who accumulate gains from their bitcoin trading activities will be subject to tax. In addition, purchases made with the digital currency will be subject to Japan's consumption tax - slated to rise to 8 percent come April 1st. As a side note, all purchases made in the Japanese Yen are subject to this consumption tax, so it is not exclusive to bitcoin use. The Japanese government will....
Related News
Some bit of news coming from Japan, which may or may not come as a surprise. The Japanese government, according to multiple reports, has said that bitcoin is not a currency, but is looking for ways to tax it. "Bitcoin are neither Japanese nor foreign currencies and its trading is different from deals stated by Japan's bank act as well as financial instruments and exchange act," a document release by the Prime Minister's cabinet read. The news comes just days following reports that indicated the country's government is poised the regulate the digital currency. These rules would ensure that....
The Japanese bitcoin market has added a significant number of bitcoin merchants this past year. Local publications such as NHK revealed that there were over 4,200 bitcoin-accepting shops in Japan by the end of 2016, demonstrating roughly an annual growth rate of 4.6x. Rapid increase in the acceptance of bitcoin by merchants can be directly attributed to the Japanese government’s recognition of bitcoin as money. In May of 2016, the National Diet of Japan passed a bill to regulate digital currency exchanges, declaring bitcoin as a legal form of money. Establishment of Bitcoin’s Legality.....
The closure of Mt. Gox and the investigation of its founder have turned into a national scandal involving the Japanese government after it was revealed that the defunct exchange was bankrupt six months prior to its collapse. The recent upturn could be due to the Japanese media mistakenly reporting that the “Ex-Founder of Bitcoin was arrested” or the magnitude of the investigations. Meanwhile, Japan’s Finance Minister Taro Aso announced that the Japanese government will most likely set up regulations on digital currencies due to recent scandal. The Japanese media is already misreporting....
In a recently released white paper, a Japanese non-fungible token (NFT) taskforce has asked the government to consider appointing a government minister whose job it would be to oversee all matters relating to Web3.
Building the Support Structure for Japan’s NFT Sector
A Japanese NFT policy task force has reportedly told the country’s leaders to consider appointing Web3 minister, a report has said. If hired, this individual would be in charge of all matters relating to Web3.
Also, as per a report published by Coinpost, the government-appointed task force....
With the fear that criminal organizations could be using bitcoins for illicit activities like drug trading or money laundering, Japan's Ministry of Economy is setting out to investigate how they can monitor illegal bitcoin activity on the web, reports Kyodo News International. The Ministry is expected to work hand-in-hand will other ministries and agencies in the country, of which include the Financial Services Agency and National Police Agency, people familiar with the matter said. Japanese Prime Minister Shinzo Abe will also reportedly have his administration define bitcoin as a....