Japan Bitcoin Regulation for 2017

Japan Bitcoin Regulation for 2017

Japan Bitcoin Regulation

Japan Bitcoin Regulation will take place in 2017 and it wants to drop an 8% sales tax on Bitcoin purchases.

This move will take effect in July 2017, according to a document published by CoinDesk.

Although the proposal has yet to be approved by senior Japanese government, an annual tax document written by the ruling Liberal Democratic Party and the Komeito party was revealed today. Thanks to this document now we know more details on the proposal suggested back in October by the Ministry of Finance and the Financial Services Agency.

The tax remains in place today.

If approved by the Cabinet, the plan will institute a period of grace in June 2017, with the tax exemption becoming official the following month.

The document just released is the result of discussions among government stakeholders first reported by the regional news service called Nikkei.

Local startups have already responded positively to this Japan Bitcoin regulation.

CEO of exchange service Quoine, Mike Kayamori, commented that the plan to drop the sales tax was expected, but it represents a good message to the cryptocurrency community.

Kayamori explained to CoinDesk:

“It’s a huge relief for us. Customers don’t have to pay tax for each transaction. Hope this becomes standard practice.”

This move follows a very busy year for Japan on the exchange front, as the government decided to request registration for all the companies that handle bitcoin sales within the Japanese country.

Discussions around exchange regulation began last year when government ministers tried to obtain information from exchange services.

Also, a deliberations took place last year because of the collapse of Mt Gox, a bitcoin exchange imploded in 2014, causing hundreds of millions of dollars lost by the exchange users.

Document originally shared by CoinDesk.com on Scribd. Unfortunately it is available only in Japanese language.

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Amelia Tomasicchio
Amelia Tomasicchio

Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

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