Japan May Unify Crypto Tax Rate

Vice Prime Minister of Japan believes that crypto tax size should not differ from that established for exchanges and currency markets operations
26 June 2018   879

Vice Prime Minister and Minister of Finance of Japan Taro Aso proposed to change the regime of taxation of profits from operations with cryptocurrency, Bitcoin.com reports.

In February of this year, the Japanese authorities established for cryprocurrency traders income tax on a progressive scale in the range of rates from 15% to 55%. At the same time, the National Tax Agency classified revenue from operations with digital money as "miscellaneous income". Also, the agency obliged investors to file annual tax returns.

Yesterday, on June 25, Taro Aso proposed to the Upper House of the Budget Committee to make a single taxation rate for cryptocurrency transactions. According to him, its size should not differ from stock exange tax which currently stands at about 20%.

Soon after the changes in the tax legislation on Change. org, a petition appeared asking to make the tax rate for operations with crypto-active assets in Japan the same as on the stock market. The petition was signed by 11,786 people.

According to the results of the last year in Japan, 331 payers of taxes with a cumulative income of 100 million yen (approximately $ 914 thousand) were declared by the crypto currency.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   230

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.