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Japanese Crypto Investors Flee Capital Gains Taxation of up to 55%

Japanese Crypto Investors Flee Capital Gains Taxation of up to 55%Reports have indicated that some investors are relocating in search of alternative taxation regimes in order to avoid heavy capital gains taxes. Japan currently taxes capital gains on profits derived through virtual currency trading at between 15% and 55%. Also Read: India’s Tax Department Issues Notices to 100,000 Crypto Investors

Japanese Crypto Traders Prepare for Tax Season

Japanese Crypto Investors Flee Capital Gains Taxation of up to 55%Japan’s cryptocurrency traders are bracing for the oncoming Japanese tax season, which runs from February 16th until March 15. In Japan, all cryptocurrency earnings are required to be reported as ‘miscellaneous income’, incurring capital gains taxation of between 15% and 55% due to virtual currencies being legally classified as ‘property’. Some traders have criticized the income brackets chosen by the National Tax Agency, with the top bracket applying to payers with an annual income of 40 million yen (approximately 375,000). By contrast, the top bracket is charged only 20% for income derived from foreign exchange or stock market trading.

Japanese Whales Seek Alternative Tax Jurisdictions

Japanese Crypto Investors Flee Capital Gains Taxation of up to 55%The heavy taxes faced by large-scale bitcoin traders has prompted a number of Japanese cryptocurrency traders to explore relocating to jurisdictions offering more lenient taxation on earnings derived through virtual currencies. According to Bloomberg, the chief executive of Shiodome Partners Tax Corp, Kengo Maekawa, indicated that “a handful of cryptocurrency-rich investors have already left Japan.” Mr. Maekawa stated that his firm has recently experienced a surge in clients in their 30s and 40s seeking tax advice on income derived from cryptocurrencies. Some traders have also complained that certain aspects of Japan’s present tax requirements regarding bitcoin are unclear. Hiroyuki Komiya, the manager of a Tokyo-based distributed ledger technology consulting firm, stated that “The government hasn’t clarified certain details, so you’re left unsure whether you’ve got it right or not.” Mr. Komiya stated that he was able to reduce his taxable income by “a few million yen” when using an “overall average” rather than a “moving average” when conducting calculations. What country do you think offer the best tax regime for cryptocurrency traders? Share your thoughts in the comments section below!
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Thai SEC: Only Seven Crypto Firms Authorized to Legally Operate in Thailand
Thai SEC: Only Seven Crypto Firms Authorized to Legally Operate in Thailand

The Thai Securities and Exchange Commission (SEC) has announced the names of seven cryptocurrency firms that have been authorized to legally operate in the country. Five of them are crypto exchanges; two are cryptocurrency dealers. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Seve...

16.08.2018, 06:25Read more
Bitangels Co-Founder Sues AT&T for $224 Million Over Cryptocurrency Hack
Bitangels Co-Founder Sues AT&T for $224 Million Over Cryptocurrency Hack

The cryptocurrency investor Michael Terpin is suing the large telecom firm AT&T because his mobile phone was compromised by hackers who stole $24M USD worth of digital assets. Terpin says he was hacked twice in less than a year and employees at AT&T participated in a SIM swap fraud. Also rea...

16.08.2018, 04:25Read more
Five Benefits to a Bear Market
Five Benefits to a Bear Market

We’ve been in a slump for a while now, and by the looks of it will remain in one for a good while longer. How long, how low, and how slow the recovery is anyone’s guess. If you’re reading these words, you’re still here, and thus it’s safe to assume you’re in this for the […] The post Five Bene...

16.08.2018, 02:05Read more
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