Japan’s Finance Minister believes that the public is not ready to accept the changes to the procedure for the taxation of cryptocurrency transactions. These thoughts he shared at a meeting of the budget Committee of the Upper house of the Japanese Parliament.
Now in Japan cryptocurrency reserves are treated as “other income”, and all transactions are subject to appropriate taxation. The maximum tax rate for them is 55%. Deputy Prime Minister and Minister of Finance Taro ASO (Taro Aso) asked the question whether the payments in the digital currency be subject to a separate regulated tax. Change the category of crypto-currencies may reduce the existing rate to 20% — the size of the single tax to currency and stock markets. ASO responded that the future looks doubtful, and I noticed that the reaction at this step can be unpredictable.
As the Minister of Finance noted that the position of crypto-currencies in the international financial sector is uncertain, and blockchain technology to develop an extremely important. In this issue of technology support is contradictory, because it is the basis of digital currencies.
It should be noted that recently the Japanese authorities are actively developing new regulatory norms for the cryptocurrency sphere. A kind of trigger for this was the hacking of the exchange Coincheck in January, during which the attackers withdrew $530 million, last week the Japanese financial services Agency (FSA) issued new rules for large registered kryptomere, which obliged them to strengthen security measures. And in early June, the Agency revoked the license of the exchange FSHO, security system which was in doubt.
In addition, the requirements of the FSA has affected the work of the self — regulatory body Japan Association of cryptocurrency exchanges (JVCEA) created in April. A week ago, the Association announced the creation of its own rules for exchanges, which included a ban on insider trading. However, after the announcement of the FSA Vice-presidents of the organization Yuzo Kano (Yuzo Kano) and Noriyuki, Hirosue (Noriyuki Hirosue) has decided to resign. In addition to working in Association, Kano is the head of the exchange bitFlyer, Hirosue heads the exchange Bitbank. Both sites on 22 June received orders from the financial services Agency.
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