FSA to Refuse Bitcoin ETF Application Approval

Info that the Japanese regulator can give the green light to a cryptocurrency ETF was previously announced by Bloomberg
10 January 2019   500

The Financial Services Agency of Japan (FSA) does not plan to approve a bitcoin ETF in the near future. Reported by the Cointelegraph.

Information that the Japanese regulator can give the green light to a cryptocurrency ETF was previously announced by Bloomberg, citing some knowledgeable source.

At this moment, we are not exploring an approval of ETFs based on crypto assets.
 

FSA

Earlier, the FSA refused to release cryptocurrency futures to the market, pointing to their speculative nature.

Bitcoin to be an Asset, - Israeli Court

Judge Sh. Bornstein ruled that BTC is an asset, not a currency in a legal disput between trader and local tax authority, which wants him to pay $830k profit tax
22 May 2019   78

The central district court in Israel in the framework of the case of the founder of the blockchain-startup against the tax service identified Bitcoin as an asset subject to capital gains taxes, Globes reports.

So, in 2011, the creator of DAV.Network, Noam Kopel, acquired bitcoins, which he sold two years later, making a profit of 8.89 million new Israeli shekels ($ 2.29 million). Then Kopel entered a legal dispute with the tax service over the nature of the first cryptocurrency: he believes that it is a foreign currency, and the authorities insist that it is an asset.

Judge Shmuel Bornstein stressed that Bitcoin may cease to exist and lose to another digital currency, therefore, it cannot be considered a currency, especially in a tax context.

Thus, the court ordered Kopel to pay taxes in the amount of $ 830,600, as well as legal costs of $ 8,306. However, the defendant may still appeal to the Supreme Court.

Back in December last year, the Israeli tax service announced that it intends to fight with deviationists from the cryptocurrency sphere. Cryptocurrency holders in the country are subject to capital gains taxes (25-30%).