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Japan to regulate and tax Bitcoin trades
Posted on 3/4/14 at 3:36 pm
Posted on 3/4/14 at 3:36 pm
Story here
quote:
The Japanese government will set rules for trading bitcoin, including imposing taxes on transactions with the virtual currency, that will become the basis for guidelines applicable to similar currencies in future, the Nikkei reported.
quote:
The guidelines proposed by the Japanese cabinet will call for taxing bitcoin transactions, defining the virtual currency as a commodity rather than a currency, the Nikkei said.
2
Posted on 3/4/14 at 3:44 pm to OnTheBrink
quote:
Shanghai-based BTC China, the world's largest bitcoin exchange by volume, has imposed new regulations to curb bitcoin trade weeks after Beijing banned financial institutions from trading in bitcoin due to the risks involved.
quote:
Russian authorities have issued warnings against using bitcoin, saying treating it as a parallel currency is illegal.
quote:
Britain, however, has supported bitcoin and is preparing to abort its plans to tax bitcoin trading, according to a Financial Times report.
Why would this be?
Posted on 3/4/14 at 3:44 pm to OnTheBrink
Regulation goes against everything Bitcoin stands for. Those Statist Bastards
Posted on 3/4/14 at 3:46 pm to plex
quote:
Why would this be?
haven't figured out how to tax a figment of wiki's imagination
Posted on 3/4/14 at 3:47 pm to Vols&Shaft83
quote:
Regulation goes against everything Bitcoin stands for
External regulation in the financial sector is required to temper rampant greed which permeates the unfair marketplace.
Posted on 3/4/14 at 3:58 pm to plex
Posted on 3/4/14 at 4:40 pm to Vols&Shaft83
That's just the company line for most of the civilized world.
Posted on 3/5/14 at 9:13 am to plex
quote:I can think of several reasons. First, they could be doing it in the hopes of attracting a nascent Bitcoin financial industry. Taking a very low cost gamble that the industry will result in worldwide leadership isn't a bad bet. Second, Britain is still not all-in on the Euro, and this is another way to keep their distance. Third, they did not announce they wouldn't tax gains and losses from Bitcoin trading. They announced that Bitcoins wouldn't be subject to the value added tax for technical reasons. So Bitcoin trades will in fact be taxed, just not as heavily.
Why would this be?
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