Accept bitcoin as a statutory payment, Japan intends to do what?

Accept bitcoin as a statutory payment, Japan intends to do what?

Bitcoin and provisions Virtual currency As Japan’s legal tender laws this month took effect last week, Japan’s financial services agency in issued a legal text, called the Accounting Standards Board of Japan will develop a basic framework to determine how to deal with the accounting department Digital currency, The whole process is expected to take 6 months.

To adapt to the new policy of Japan

The new law will Virtual currency Under the control of Japan’s financial department in exchange. The exchange must be registered, and verifying customer account status. Japan’s cabinet approved a modification method to make bitcoin become official currency last year.

The bill passed the revised part of last year’s banking law, explains the explanation of economic change in telecommunications technology driven. But the law does not change Virtual currency The tax value.

Virtual currency As a class has the value of assets, only electronic records of the project, not including the Japanese currency, foreign currency and currency denominated assets. It can be used as a method of payment.

Be regarded as virtual currency assets

According to the law adopted last year, starting from the significance of accounting, Virtual currency May be regarded as a kind of assets. Someone asked the government, Virtual currency Whether it should be included in the record book or in the interest rate market value. The government will choose to leave the right person.
Virtual currency Will still be regarded as a transfer of taxable assets, the transaction tax. From the agency overseas Virtual currency Do not buy duty-free, but is regarded as non taxable purchase (non taxable; tax refers to does not need for a tax for).
People earn
Virtual currency The income will be regarded as miscellaneous income, and according to the total income tax. It will be seen as the company’s operating income.
The Japanese currency or foreign currency money debt, its currency denominated assets will be money or assets in Japan or overseas show. The currency denominated assets generated by money debt will also be regarded as a kind of currency denominated assets.

Regulated exchange

The applicant is required to exchange for a joint-stock company, and has offices and representatives in japan. The applicant is required to meet the financial requirements, including minimum capital is more than $87 thousand and 300 and net assets. Once registered, the applicant is required to comply with the provisions.

In Japan the existing accounting standards, Virtual currency The holder can be Virtual currency Included in the property list, and the issuer can be regarded as a liability. This is a company or person in the balance sheet Digital currency The most appropriate way.

However, due to the lack of the bitcoin and other like Ethernet coin and Wright currency Clear instructions and accounting methods for a class of hot money, many users put their holdings Digital currency From the books all out.

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