The Finance Minister of Japan, Taro Aso, spoke on the cryptocurrency tax in the economy and cryptocurrency tax at Japan Online Casino ビットコイン io. He was responding to a question posed by Japan Restoration Association member Shun Otokita during the Financial Affairs Committee meeting that took place on 2 June.
Japan, cryptocurrencies, and taxes
“Of the 1,900 trillion yen [US$17.6 billion] of financial assets held by households in Japan, about 900 trillion yen [US$8.4 billion] is currently held as cash deposits, which is abnormal,”
– Aso said.
Japan is a strange country, by the way. On the one hand, it is famous for its new technologies and the fact that it already recognized BTC as a means of payment in 2017; This is due to the fact that there is an aging population there, while senior citizens are not open to mobile payments.
Japan’s cryptocurrencies finance minister, meanwhile, went on to say that today it would be difficult to convince a significant proportion of investors in Japan of cryptocurrencies at all.
Why is this important? In Japan, almost all cryptocurrency-related income – from trading, mining or lending – is classified as miscellaneous income, so it is subject to a rate as high as 55 percent. That’s why BTC supporters would like to see the government revise the regulations for accounting for cryptocurrency gains.
Limiting leverage
During the meeting, Otokita, addressing members of Japan’s Financial Services Agency (FSA) – the country’s financial regulator – also asked whether it was appropriate to limit the leverage limit on cryptocurrency trading to 2x.
The agency said it had spoken to cryptocurrency experts and FX market experts on the subject and reportedly also took into account comments from those quarters. It cited the example of the fall in the exchange rate in March.