Japanese Crypto Investors To Pay Tax Of Up To 55 Percent On Profits

cryptobakers (48)in #crypto • 7 years ago

Japanese Crypto Investors To Pay Tax Of Up To 55 Percent On Profits

Japanese cryptocurrency investors will pay between 15 and 55 percent on their profits declared on their annual tax filings this year, Bloomberg reports Thursday, Feb. 8.
The Japanese National Tax Agency had already ruled “last year” that capital gains on transactions of virtual currency are considered “miscellaneous income,” Bloomberg writes.

The tax on cryptocurrency profits is higher than the around 20 percent tax levied on profits from stocks and foreign currencies, with the higher percentage tax applying to those who earn more than 40 mln yen a year (about $367,600).

Hong Kong Regulator: We’ll ‘Continue To Police’ Crypto Exchanges And Sales

In an announcement from the territory’s Securities and Futures Commission (SFC), CEO Ashley Alder said that following a vetting of exchanges and ICO providers for compliance, “market professionals” should also play their role in ensuring the legality of token issuance and exchange. This echoes similar sentiments from US regulator the Securities and Exchange Commission (SEC) in December.

“We will continue to police the market and enforce when necessary,” he commented. “But we are also urging market professionals to do proper gatekeeping to prevent frauds or dubious fundraising and to assist us in ensuring compliance with the law.”

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THE Ripple price is bouncing back today as XRP enjoys a continuing rise. Here is the latest news and live updates from Ripple, bitcoin, Ethereum and the rest of the cryptocurrency market.

Warren Buffett-Owned Railroad Joins Blockchain Transport Consortium

While blockchain is the tech that underpins bitcoin, Warren Buffett, who for ages refrained from investing in many high-tech companies in the equity markets until he was finally lured by IBM, has no intentions of going near cryptocurrencies.

Meanwhile, blockchain technology continues to acquire more space across various sectors of the economy, including transportation. BNSF is breaking new ground as the maiden railroad to join BiTA, whose 200-plus members extend to trucking companies UPS and FedEx in addition to Schneider National.