Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: ZionRTZ on December 11, 2018, 12:21:21 PM
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Looks like this lawmaker truly understands the nature of the cryptocurrency market and the difficulty each trader/investors faces when in comes to taxing profits from trading cryptocurrencies.
From the article https://www.ccn.com/japanese-regulator-aims-to-reduce-crypto-tax-to-revitalize-the-market/
Takeshi Fujimaki, a Japanese congressman and lawmaker, proposed four major changes to the taxation policies surrounding the digital asset market with the objective of revitalizing the market.
Taxing cryptocurrency returns is difficult because of the wild volatility of the market. An investor could generate a 50 percent profit in one week and lose all of it the next week.
To reduce the burden on investors and in consideration of the characteristics of the cryptocurrency market, congressman Fujimaki proposed the following changes:
1. Reduction of crypto tax gains from up to 55 percent to a fixed 20 percent rate on gains.
2. Carry forward losses across quarters and years, until the cryptocurrencies are cashed out
3. No taxes in trading crypto-to-crypto
4. No tax on small cryptocurrency payments
All four proposed changes will positively affect investors in the market and provide a fairer environment for investors to trade in.
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1. Reduction of crypto tax gains from up to 55 percent to a fixed 20 percent rate on gains.
2. Carry forward losses across quarters and years, until the cryptocurrencies are cashed out
3. No taxes in trading crypto-to-crypto
4. No tax on small cryptocurrency payments
All four proposed changes will positively affect investors in the market and provide a fairer environment for investors to trade in."
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You are quite correct, if this proposal is carried out it have a positive effect for investors. I hope that other countries will take a look at this proposal and frame theirs accordingly.
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Taxing cryptocurrency returns is difficult because of the wild volatility of the market. An investor could generate a 50 percent profit in one week and lose all of it the next week.
This is spot on. Only those involve with trading crypto knows this ;D
No taxes in trading crypto-to-crypto
Since many establishments still do not accept cryptocurrencies as a form of payment, then this proposal is just right for me.
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The proposed changes to the cryptocurrency taxation system in Japan can indeed revive the local cryptocurrency market. Earlier, I was a little surprised by the decent interest rates for tax on cryptocurrency in this country, given the favorable attitude of the government towards it. It seems that lawmakers can correct the mistakes made.
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Changing the tax rules to revitalize the market may not have an immediate effect on the price but it can definitely add confidence to cryptocurrency traders knowing that the government is supportive of them.
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Changing the tax rules to revitalize the market may not have an immediate effect on the price but it can definitely add confidence to cryptocurrency traders knowing that the government is supportive of them.
Yes, at least this kind of support makes a positive issue on crypto world. A government like Japan, cares enough with the current condition in crypto market. I think it can motivate traders and investors to survive and continue their activities in crypto, especially who come from Japan.
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Yes its indeed they need to revitalize the market according to the current market conditions as we all know profits has been reduced drastically. Traders and investors are hardly earned the profit in this market. If lawmaker implement all the points you quoted above in your post that would be a good move by Japan in favour of Traders and Investors.
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Changing the tax rules to revitalize the market may not have an immediate effect on the price but it can definitely add confidence to cryptocurrency traders knowing that the government is supportive of them.
Yes, at least this kind of support makes a positive issue on crypto world. A government like Japan, cares enough with the current condition in crypto market. I think it can motivate traders and investors to survive and continue their activities in crypto, especially who come from Japan.
I concur to both statements. I will be more at ease trading when I don't have to worry about the government imposing unfair taxes.