RATE Group | Japanese Exchanges Ask Regulator to Make Cryptocurrency Tax Reforms
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Japanese Exchanges Ask Regulator to Make Cryptocurrency Tax Reforms

23 Jul Japanese Exchanges Ask Regulator to Make Cryptocurrency Tax Reforms

Posted at 04:41h in Cryptocurrency News by

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Japanese Exchanges Ask Regulator to Make Cryptocurrency Tax Reforms 101
Source: iStock/violet-blue

The self-governing Japan Virtual Currency Exchange Association (JVCEA) has asked the country’s top financial regulator to change the way cryptocurrency-related earnings are taxed.

The JVCEA represents all of Japan’s licensed cryptocurrency exchanges and a range of blockchain, banking and legal industry stakeholders. The body says that it has filed a document with the regulatory Financial Services Agency (FSA) stating that although it feels much progress has been made with regulations in the industry thus far, tax guidelines are still inadequate.

The JVCEA states that as a recent amendment to Japanese financial law now recognizes cryptocurrencies as bona fide financial assets, they should be taxed accordingly.

The JVCEA has thus proposed the following:

  • Citizens who must pay tax on their cryptocurrency holdings should be granted a three-year grace period to obtain necessary documentation/registration information (before fines become…

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