The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Japanese Representative Says Taxes Are Crippling the Growth of Crypto and Blockchain

by Daily Hodl Staff
March 23, 2019
in Regulators

[the_ad id=”36860″]

Takeshi Fujimaki, a member of the House of Councillors of Japan and acting President of the Japan Restoration Committee, says the country’s tax system is slowing the development and adoption of cryptocurrency and blockchain technology. The Financial Supervisory Authority is proposing tax reforms that make it possible for crypto enthusiasts who spend, trade or hodl their investments to do so without burdensome tax laws.

Fujimaki says,

“Today I received an explanation of the Financial Supervisory Authority’s submission bill. One is a crypto asset related bill. I asked some points about ‘the bill from the viewpoint of customer protection and the viewpoint of promoting innovation.’ It is the tax system that inhibits the development of cryptocurrency and blockchain.

If you want to promote cryptographic assets and blockchains, the FSA is also making a request of the tax authority.”

Reported by local news outlet CoinPost, the proposed tax system recognizes that there are different use cases for cryptocurrencies generating different types of transactions. Each should be taxed separately and accordingly.

[the_ad id=”36860″]

Income

If someone receives their salary in Bitcoin or other cryptocurrency, they should be fully taxed.

Trading Gain

If someone reaps a trading gain, they should not be fully taxed.

Trading Losses

The volatility of crypto trading makes it possible for traders to sustain losses for years. Loss carryforward deductions should apply as they do with other assets such as stocks and mutual funds.

Currently in Japan, a crypto investor isn’t allowed to carry over trading losses to the following year. So there could be a scenario where a trader incurs a loss this year, followed by a fair profit the following year but the overall profit/loss is still negative – and the trader has to pay taxes.

Tax exemption for crypto-to-crypto trading

Calculating the profit and loss for each and every crypto-to-crypto trade is extremely complicated and burdensome. This alone discourages people from participating in the cryptocurrency market and dampens liquidity. To increase trading volume and stimulate the market, trading between cryptocurrencies should be tax free.

[the_ad id=”36860″]

Make small amount settlements tax-free

The settlement of cryptocurrencies in the real world is where innovators and developers expect massive adoption. To make it happen, small crypto transactions should be exempt from taxation, allowing crypto payments in the real world to grow.

Currently the Japanese yen is the second most traded national currency for Bitcoin, accounting for 43.31% of the market. The US dollar is number one at 44.23% of the market, according to data compiled by Coinhills.

[the_ad id="42537"] [the_ad id="42536"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Narwhal Finance Secures $1 Million in Seed Funding Led by Animoca Ventures
    March 24, 2023
  • Sports Prediction App Pooky Launches Full Version of Its Play-and-Earn Game
    March 23, 2023
  • StormGain Launches StormGain DEX for User-Friendly Decentralized Crypto Trading
    March 23, 2023
  • KyberSwap Announces First-Ever ARB Token Liquidity Pools, Liquidity Mining and Trading Campaigns on Arbitrum
    March 22, 2023
  • Metacade Presale Hits Final Stage Before Listings, Raising Over $500,000 in Under 24 Hours
    March 22, 2023
  • Yesports Launches the Largest Esports Marketplace for Gaming Expansion Into Web3 Alongside 40+ Partners
    March 21, 2023
  • Metatime Raises $11M in Private Funding To Enhance Web 3.0 Ecosystem
    March 21, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,582.39
$27,582.39
2.25%
Ethereum
$1,751.96
$1,751.96
3.35%
Cardano
$0.362285
$0.362285
0.81%
XRP
$0.44737
$0.44737
3.56%
Dogecoin
$0.074986
$0.074986
1.83%

Spotlight

  • The String Theory of Bitcoin Predicts Two More Months of Price Rally
    March 22, 2023
  • Bitcoin Currently Witnessing Its Best Marketing Campaign Ever, According to InvestAnswers – Here’s Why
    March 23, 2023
  • White House Says ‘Bitcoin Has Not Announced Plans to Adopt Proof-of-Stake’ in Wild Economic Report
    March 22, 2023
  • Top Crypto Analyst Turns Bullish on Ethereum Rival That’s Up 135% This Year
    March 23, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl