Crypto Investors in Japan will now Pay Tax

[xtinepink]

Now government really comes in to the cryptocurrency. 

According to Bloomberg report, Japan will now collect the hard earn money to those Japanese cryptocurrency investors, As it says they will pay between 15 and 55 percent on their profits declared on their annual tax filings this year. 

It was reported that Japan will be using a database that will track down the lists of crypto investors to ensure enforcement of the tax laws in their country.

Even now in South Korea had announced in January that cryptocurrency exchanges will also be taxed at around 24.2 percent, in line with the existing tax policy for corporations. 

I believe that this move will also be implemented in other countries. Which country will come next?

What do you think if this thing comes in your country? 

What are your thoughts about this matter?

You can check more about this on the link below: 

https://cointelegraph.com/news/japanese-crypto-investors-to-pay-tax-of-up-to-55-percent-on-profits/amp

 

[wry]

This was announced for India last week as well.

While paying taxes is annoying and obviously expensive I actually think this is good news. 

Japan's government has adopted one of the most open set for policies for Bitcoin and I wish more countries would follow its lead.  However, as much as I wish Bitcoin would be seen as a currency by governments, that is just not realistic given how volatile it is and how much people make trading alt coins and tokens.  Given that, we should expect Bitcoin to be treated as they would treat any other investment.  While that makes record keeping more difficult it's not really unfair or unexpected. 

[barbaris]

If the government comes to cryptocurrency, it becomes unprofitable or forbidden for people.