More and more businesses to accept bitcoin payments, bitcoin payments become Japan’s new payment!

More and more businesses to accept bitcoin payments, bitcoin payments become Japan’s new payment!

Shortly after Japan bitcoin payment will become a legitimate means of payment. This new bill already contains the encrypted currency passed the public consultation stage, is expected to become effective in April this year.

Effect of Bitcoin.com on the bill bitcoin interviewed AndersonMori&Tomotsune firm’s special advisor to Ken? Kawai (KenKawai), he has repeatedly published in Japanese relevant regulatory and legal problems of virtual currency speech.

The long-awaited bill

Since the birth of bitcoin, bitcoin and bitcoin payment legal status in Japan is not always clear. But the new bill made in March last year a Congress for the first time bitcoin and other virtual currencies, modify the existing law “and” payment service “anti crime income transfer law”. Pay in Japan bitcoin will become a legitimate means of payment.

Kawai said:

The revised version of “Payment Service Act” constitute the foundation framework of virtual currency regulation, officially announced in October last year.

One of the relevant regulations and draft guidelines issued in December, January 27th this year, the official end of the poll. He added:

The new regulations will come into force in April 2017.

A new method of payment: payment in bitcoins

The act of bitcoin and other virtual currencies have been defined. The spirit of anti money laundering and combating terrorist financing and to protect the user’s goal, the bill for the virtual currency exchange service put forward specific regulatory rules. Pay in Japan bitcoin will become a legitimate means of payment.

However, the bill will only virtual currency is defined as a new type of payment, not money”. Kawai stressed:

In the new regulations, a definition of “virtual currency” and “money” has the obvious difference.

Although the government does not define the bitcoin currency, but he believes that the official recognition of it as a new mode of payment also can have a positive impact, and promote the use of virtual currency (VC)”. Pay in Japan bitcoin will become a legitimate means of payment.

Japan bitcoin usage has increased significantly. The Japanese exchange Coincheck significant increase in the number of users has realized from the 14000 in April last year to January of this year, 76400 changes. In addition, the exchange also pointed out that the domestic quantity accepted bitcoin payment businesses are also on the rise. Japan’s largest Internet Internet giant GMO group recently announced it will launch its own bitcoin exchanges and wallet service.

In addition, according to Coinhills data show that Japan is currently the world’s bitcoin trading volume of second countries, payment in Japan bitcoin will become a legitimate means of payment.

The progress of legal bitcoin in Japan

Pay in Japan bitcoin will become a legitimate means of payment.

Kawai explained,

Although in the traditional sense, bitcoin will not because of lack of money and affect its title, but from a legal point of view, whether bitcoin will eventually be able to harvest the “currency” definition there is a world of difference.

For example, if the virtual currency (VC) is defined as “money”, then VC’s lending activities need to comply with the “control law” (borrowing money lenders need to be registered as a “lender”); in addition, VC must comply with the relevant provisions of “derivatives transactions law” financial instruments set.

For the purpose of Taxation, the United States and other countries will be defined as a kind of virtual currency assets or property. Recently, the Israeli tax authorities issued a draft definition of bitcoin as assets, so the bitcoin transactions need to pay value-added tax and capital gains tax (VAT), the country can also use bitcoin payment as payment.

However, Kawai pointed out that Japan will not act the promulgation of the virtual currency included in the “property” category, but it is defined as a kind of “exclusive value”. He added that Tokyo local court had denied bitcoin “property right” concept.

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