Japan Set To Reconsider Stance on Taxing Bitcoin
Creating a healthy regulatory ecosystem for Bitcoin and digital currency will not be an easy task. The Financial Services Agency in Japan will soon present their plan to regulate this new breed of finance, although it will have little to no effect on the current way of taxing Bitcoin. Bitcoin is often frowned upon for its alleged lack of regulatory guidelines when it comes to using the digital currency as a method of payment. However, people tend to forget various countries around the world are treating Bitcoin as either an asset or currency and impose taxation upon usage of the digital....
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Danny Talwar from crypto tax platform Koinly said Japan’s regulatory environment makes it difficult for businesses and individual investors to hold digital assets in Japan. Japan’s leading crypto lobby groups plan to submit a proposal to Japan’s financial regulatory body to address its high crypto taxes, which experts warn make Japan less competitive as a crypto hub. According to an internal memo seen by Bloomberg, the proposal will be submitted to Japan’s Financial Services Agency (FSA) this week, asking them to put an end to taxing unrealized gains on crypto holdings “if the firm owns....
Japan has decided to smoothen out the process that involves giving a green signal to new cryptocurrency listings. This simplification is aimed towards uplifting and amplifying the overall crypto market’s stance in Japan. More cryptocurrency listings would start to operate in the country as opposed to how the situation was in the past, promoting healthy […]
From regulation to taxation, Japan has been hostile to cryptocurrency gaming. That stance is threatening the country's position as a global leader in gaming A marked hostility toward new and emerging Web3 technologies like cryptocurrencies runs the risk of costing Japan its place as the world’s gaming capital. We’re getting dangerously close to the point of no return, and here’s why. Nobody can be sure where the country’s antagonism to crypto originated or why it still persists even after the nonfungible token (NFT) and crypto “boom” of 2021, which took off in a major global way and....