Japan Relents, Will Kill Sales Tax on Bitcoin Buying
In what will come as welcome relief to bitcoin adopters in the country, Japan is set to end its 8% ‘consumption tax rate’ imposed on buyers of bitcoin through digital currency exchanges. Japan is now looking to end the sales-tax collection on transactions related to purchases of virtual currencies like bitcoin, come spring. A report from Japanese publication the Nikkei Asian Review reported that discussions between the Japanese Financial Ministry and the country’s Financial Agency this year is expected to end in a formal decision by the end of the year. A ruling-coalition tax panel will....
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Japan is reportedly planning to exempt bitcoin and other virtual currencies from a national sales tax. The country's Financial Services Agency – its top finance regulator – along with the Ministry of Finance are deliberating on a possible exemption, according to regional news service Nikkei. Bitcoin purchases in Japan are currently subject to an 8% sales tax. "Discussions between the Finance Ministry and Financial Services Agency are expected to lead to a formal decision after talks by a ruling-coalition tax panel at the end of the year," the agency reported. According to the....
“Bitcoin was built on a platform without national boundaries,” the Former Governor of the Bank of China, L H Li, said on CCTV Tuesday in China. “If you want to kill Bitcoin, it will be an impossible task. So it will continue to exist. What is important now is that we should properly regulate it.” Rumors in China have led bitcoin exchange executives to....
The Japanese Financial Services Agency (FSA) is set to hold an official meeting by the end of 2016 to end sales tax on Bitcoin. If passed, it will reduce prices at Japanese exchanges by 8%. National News Channels in Korea and Japan praised the FSA’s move. Earlier this week, the Japanese Finance Ministry announced its plans to end sales tax on Bitcoin by....
Japan is an interesting country when it comes to Bitcoin. Not only does Japan treat Bitcoin like money, it is all set to end the sales tax on purchases of cryptocurrencies this spring. What is more interesting lately, however, has been the surge in Bitcoin trading volumes in Japan. While China is easily the leader in Bitcoin volumes, what is going on with the Japanese volumes is an interesting story itself. It would come as no surprise that it closely mirrors the mysterious case of the Chinese volumes. A high volume euphoria. In order to understand what is going on in Japan, we talked with....
Bitcoin and Japan have had an interesting and strained relationship over the last three years. Businesses, exchanges, and digital currency trading have flourished, and even been encouraged to an extent, throughout the technologically cutting-edge country. Now, recent events and international backlash are starting to turn the national tide of perception against Bitcoin exchanges in the Land of the Rising Sun. When I first heard about Mt. Gox, by far the world’s largest Bitcoin exchange throughout 2012 and 2013, I didn’t know where it was. It was located in Japan, and was, in effect, the....