David - Cryptocurrency Enthusiast
Prominent supporters of the crypto industry in Japan are calling on the government to reassess the tax framework concerning digital assets. The Japan Blockchain Association (JBA), a non-governmental lobbying group, has formally presented a request for three significant amendments aimed at easing the tax responsibilities of crypto holders and cultivating the expansion of Web3 enterprises within the nation.
Published on July 28, the JBA's request highlights the taxation of crypto assets as a significant barrier for the cryptocurrency investment economy in Japan. To address this concern, the association proposes three key revisions.
The first change calls for the elimination of the year-end unrealized gains tax on corporations holding crypto assets. The term "unrealized gains" refers to paper profits that have not yet been realized through completed transactions. The JBA aims to exempt third-party-issued tokens from taxes on unrealized gains. Significantly, it is worth noting that Japan's National Tax Agency had previously exempted local companies from taxation on year-end unrealized gains originating from cryptocurrencies they had issued back in June.
The second request involves altering the taxation method for personal crypto asset trading profits. The JBA suggests moving from the current comprehensive taxation system to self-assessment separate taxation, with a uniform tax rate of 20%. Additionally, the proposal includes a three-year term for deducting losses resulting from the depreciation of digital asset values.
The third major change sought by the JBA is the elimination of income tax on profits made through individual cryptocurrency exchange platforms. Considering the borderless nature of the Web3 era, where crypto asset exchanges are becoming increasingly mainstream, the association emphasizes the complexity of tax calculations due to the variety of transactions and types of crypto assets involved.
Prime Minister Fumio Kishida recently reaffirmed Japan's commitment to nurturing the Web3 industry, recognizing its potential to revolutionize the internet and drive social change. In alignment with this vision, cryptocurrency exchange Binance has announced plans to launch its services on a new Japanese platform in August.
As the call for crypto tax revisions gains momentum, the Japan Blockchain Association's proposal aims to create a more conducive environment for crypto asset management and investment. With the potential for transformative changes in the secure cryptocurrency landscape, striking the right balance between taxation and industry growth remains a top priority for Japan's policymakers and stakeholders.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards