{"id":2536,"date":"2017-07-04T14:32:43","date_gmt":"2017-07-04T14:32:43","guid":{"rendered":"https:\/\/holytransaction.com\/blog\/?p=2536"},"modified":"2017-12-15T23:49:22","modified_gmt":"2017-12-15T23:49:22","slug":"japan-bitcoin-taxation","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2017\/07\/japan-bitcoin-taxation.html","title":{"rendered":"Japan eliminates Bitcoin Taxation; Rise in Price expected"},"content":{"rendered":"<div id=\"post-full-text\" class=\"contents\">\n<p dir=\"ltr\">Japan government officially eliminates bitcoin taxation after\u00a0it\u00a0recognized\u00a0as\u00a0legal method\u00a0of payment\u00a0a few months ago.<\/p>\n<p dir=\"ltr\">Consumption taxes on the sale of bitcoin will come into effect on July 1st.<\/p>\n<p dir=\"ltr\">According to a Deloitte&#8217;s report entitled <em>\u201cJapan: Inbound Tax Alert, 2017 Tax Reform Proposals,\u201d<\/em> digital\u00a0currencies including Bitcoin will be exempt from the 8% consumption tax in Japan.<\/p>\n<p dir=\"ltr\">Deloitte\u2019s report\u00a0<a href=\"https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/jp\/Documents\/tax\/bt\/jp-bt-japan-inbound-tax-alert-dec-2016-no19.pdf\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">explains<\/a>:<\/p>\n<blockquote>\n<p dir=\"ltr\"><em>\u201cThe supply of virtual currency will be exempt from Japanese Consumption Tax (\u201cJCT\u201d). Currently, virtual currencies such as Bitcoin do not fall under the category of exempt sales, and as a result, the sale of virtual currencies in Japan have been treated as taxable for JCT purposes. Following the enactment of the amended Fund Settlement Law in May 2016, which newly defined \u201cvirtual currency\u201d as a means of settlement, the sale of virtual currency as defined under the new Fund Settlement Law will be exempt from JCT. This change will apply to sales\/purchase transactions performed in Japan on or after 1 July 2017.\u201d<\/em><\/p>\n<\/blockquote>\n<h2 dir=\"ltr\">Bitcoin Industry in Japan<\/h2>\n<p dir=\"ltr\">Back in March, the <strong>Japanese National Diet<\/strong> approved the tax reform proposed by Deloitte. The bill, which came into effect on July 1st will drastically increase bitcoin and cryptocurrency trading activities within the Japanese digital currency exchanges.<\/p>\n<p dir=\"ltr\">The bill will probably increase bitcoin and cryptocurrency trading activities within the Japanese digital currency exchanges.<\/p>\n<p dir=\"ltr\">On April 1, the <strong>Japanese government officially recognized Bitcoin as a legal payment method<\/strong> and currency.<\/p>\n<div style=\"text-align: justify;\"><!-- Error, Advert is not available at this time due to schedule\/geolocation restrictions! --><\/div>\n<p><\/p>\n<p dir=\"ltr\">The Japanese <strong>Bitcoin exchange industry<\/strong> is well regulated with Know Your Customer (KYC) and Anti-Money Laundering (AML) systems. AML policies are very strict in Japan and South Korea, and it is difficult for traders to take advantage of utilizing digital currencies to move large amounts outside of Japan.<\/p>\n<h2 dir=\"ltr\">Price growth because of bitcoin taxation<\/h2>\n<p dir=\"ltr\">Although it could be a coincidence- since Japan has proposed the end of Bitcoin taxation, <strong>Bitcoin price increased<\/strong> from around $2,450 to $2,570.<\/p>\n<\/div>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Japan government officially eliminates bitcoin taxation after\u00a0it\u00a0recognized\u00a0as\u00a0legal method\u00a0of payment\u00a0a few months ago. Consumption taxes on the sale of bitcoin will come into effect on July 1st. According to a Deloitte&#8217;s report entitled \u201cJapan: Inbound Tax Alert, 2017 Tax Reform Proposals,\u201d digital\u00a0currencies including Bitcoin will be exempt from the 8% consumption tax in Japan. Deloitte\u2019s report\u00a0explains: [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":2,"featured_media":2538,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76,83,468,542,678],"tags":[1042],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Japan eliminates Bitcoin Taxation; Rise in Price expected -<\/title>\n<meta name=\"description\" content=\"Japan officially eliminates Bitcoin taxation. 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