Official: Japan canceled the spot currency transaction tax, is expected to usher in the volume will rise


nnnJapan on July 1 from the implementation of the tax reform bill, the formal cancellation of the special currency transactions levied on the consumption tax, is expected to be part of the currency transactions in Japan after the activation of the bill ushered in the rise. The Japanese special currency exchange has been well regulated and equipped with appropriate knowledge of your customers (KYC) and anti-money laundering (AML) systems since the Japanese government officially recognized Bitcoin as a legal payment on April 1. This has set a positive precedent for the entire Asian Bitcoin market.n
nnTranslation: Clovern
nJapan on July 1 from the implementation of the tax reform bill, the formal cancellation of the special currency transactions levied on the consumption tax. It is expected that the trading activity of Bitcoin will rise after Japan has activated the bill.n
nIn a report entitled “Japan: Immigration Tax Early Warning, 2017 Tax Reform Proposal”, Deloitte has disclosed that Japan will exempt nearly 80% of the virtual currency, including Bitcoin, from consumption tax.n
nDeloitte reports wrote:n
nn”Virtual money supply will be exempted from the Japanese consumption tax (‘JCT’). At present, the currency such as Bitcoin does not belong to the tax-free sale category, so Japan’s virtual currency sale has always been regarded as pay JCT. With May 2016 The definition of the virtual currency is defined as the settlement method, and the virtual currency transaction as defined by the new financial settlement method will be exempt from JCT. This change will apply to the July 1, 2017 or After the sale / purchase in Japan. “n
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nJapanese Bitcoin Marketn
nOn March 27, the Japanese Congress formally approved Deloitte’s share of the 2017 tax reform proposal, passed the bill of special currency and the other bills listed in the proposed tax reform proposal. The bill came into effect on July 1, and it is expected that the bit currency and encrypted currency trading activities in the Japanese currency market will be substantially increased.n
nApril 1, the Japanese government officially recognized the bit as currency and legal payment methods and currency. Since then, the Japanese government has been focused on creating and building more efficient ecosystems for Bitcoin traders, businesses and users. The main content of the initiative is to make Bitcoin and encrypted currency transactions accessible, so that traders easily access the encrypted currency, without having to deal with external factors such as taxation.n
nThe Japanese Bitcoin Exchange has been well regulated and equipped with appropriate knowledge of your customers (KYC) and anti-money laundering (AML) systems. Japan and South Korea’s anti-money laundering policy is particularly stringent, traders can not trigger the local trading platform to adopt the anti-money laundering system in the case of arbitrage arbitrage, can not use the bit currency to transfer money outside Japan.n
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nBitcoin prices are purely coincidental?n
nThe price of Bitcoar rose from $ 2,400 to $ 2,570 since Japan’s Act on the Doppler Tax Exemption Act of July 1 – although this could be a coincidence. However, the upward trend in Bitcoin is entirely due to the Japanese market, which is not fair, since the Japanese market accounts for only 16.2% of the global market for Bitcoin.n
nHowever, the positive signs of Japanese bitcoal trading are likely to establish a positive precedent for the entire Asian market, while the Asian market accounts for more than 65% of the global market share of the Bitcoin Exchange and will affect the price of Bitcoin.n
nThe tax relief bill for Bitcoin is also important for the Japanese royal family’s ecosystem. Recently, some of Japan’s most influential companies, including its largest e-retailer Bic Camera, have also begun to accept Bitcoin as a digital currency and payment method.n
nAnd since Japan’s largest vending machine operator, AirRegi, is expected to consolidate Bitcoin in the fall of 2017, hundreds of thousands of restaurants, cafes and shops will begin to accept Bitcoin.n

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