Japan is ready to accept digital currencies if tax laws change
Japan wants to tax bitcoin transactions
Digital currencies do not fit into the tax legislation of the country
The country’s treasury should receive revenues from digital currency
International consortium of news organizations developing transparency standards.
The current tax system is not ready to accept cryptocurrencies. This was announced by the representative of the Japanese Innovation Party Shun Otokita. If today we use cryptocurrencies without changing the legislation, then the country will begin an outflow of foreign currency, which cannot be allowed under the current conditions..
Otokita also noted that taxes are quite high in the country, and the very idea of blockchain and digital money was created in order to reduce tax payments for transactions or even minimize them. Therefore, it is impossible to adapt the existing tax system to the conditions of cryptocurrencies. It will take years to change legislation, rebuild the country’s financial sector.
However, Japanese politicians are not trying to deny that cryptocurrencies, and in particular bitcoin, have become widespread in the country. Today, an individual can be identified not only by the address of the bitcoin wallet, but also by the tax number. But in fact, the state does not receive royalties for transactions with bitcoin in its budget. Therefore, today there is an acute issue of changing legislative norms so that the Japanese treasury receives payments from each cryptocurrency transaction..
Japanese Finance Minister Taro Aso has asked law enforcement officers to investigate any digital currency transactions from which the government has not made a profit. No transaction should be free for the state budget.
Japan is not the first country to talk about cryptocurrency regulation and taxation. Previously, this issue was raised at the International Economic Forum, in which representatives of states, together with representatives of the FATF, discussed the possibility of controlling the turnover of cryptocurrencies, as well as taxing transactions. This approach will allow countries to fight against illegal circulation of funds and replenish the state treasury with tax deductions..
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