Bitcoin regulation in Japan: tax evasion and tax farming

Japan is swinging the regulatory Mace. The taxation of Bitcoin & co. should be controlled more closely in future. A foretaste of the G20.

Max Halder
8. June 2019BTC$7.970,00 0.08%part Facebook Twitter LinkedIn xing mail

Japanese tax authorities have collected and analyzed this data, which suggests that Trader profits from crypto-currencies in millions embezzled. If Bitcoin is recognized as a legitimate means of payment, you must pay legitimate taxes on profits from trading transactions, my the authorities. A foretaste of the G20 summit at the end of June.

those Who hear the name Satoshi Nakamoto, didn't take long until he has made a connection to Japan. Although the identity is behind this Pseudonym remains unclear, nevertheless, the connection remains. In the tech-savvy island state of Bitcoin & co. is already for more than two years as the official means of payment. The national currency, the Yen has got a competitor, the similarly, in the fiscal interest of the government, as their Fiat currency.

The Japanese tax authority has now made Inquiries about the tax evasion of companies and private individuals. The surveys can not be considered due to their limited scope than representative, but nevertheless, a deep look. Just in time for the G20 summit, on 8. and 9. June in Japan Fukuoka is likely to provide this document in addition to the report of the Financial Stability Board (FSB) for plenty of conversation.

embezzlement of 93 million dollars

According to an article in the Japanese daily newspaper, Asahi Shimbun, about 50 individuals and 30 companies have misappropriated over the last few years, at least $ 93 million. The gains appear to come from the Trading of Bitcoin & co., and in particular from the year 2017. The investigations of a special division of the Tokyo Regional Taxation Bureau were initiated. They listened to the case of several operators of Exchanges, a list of the names and transactions will be apparent to those customers.

the focus of tax inspectors, those who had earned large sums of money by Trading were. In the article it is said that these data have been combined with those of other local tax authorities, no specific Figures remain.

The rules in Japan are clear, however. Profits from crypto can be classified currencies as other income. You need to record from an annual sum of 200,000 Yen (about 1,800 US dollars) for tax purposes. The tax rate can account for the amount of the profits of up to 55 per cent, profits from the sale of shares is only 20 percent to beech.

Bitcoin trade in Japan, still popular

The trade of crypto-currencies is not the less popular in Japan. According to the Japan Virtual Currency Association alone, the trade volume of the five major crypto-currencies on Japanese Exchanges, nearly 70 trillion Yen (about 650 billion US dollars) in the year 2017. Problematic for the Japanese tax authorities, the Trading is currencies on non-Japanese Exchanges, as well as the use of anonymerer Crypto. So there are always messages about different ways the profits from the Trading of the Treasury to pass, be it a private citizen or company.

In January of next year to start a new System to improve the transparency of the crypto-trade. Tax authorities may obtain, under certain conditions, for example, from a certain win amount, the customer name from the Exchanges. For operators of Exchanges, which do not comply with your duty of disclosure, to be provided for met money. The last weekend in June will bring about, on the regulatory front, certainly news.

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