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17.11 - 11:53
Japan stands to lose its crypto-sector competitiveness thanks to this
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ambcrypto.comCryptocurrencies and blockchain technology are of growing interest around the world, with many countries recognizing the need for regulations too. While some have really strict laws, others have taken a progressive approach. Japan falls in the latter category.
Currently, Japan has one of the world’s most progressive regulatory climates for cryptocurrencies. It recognizes Bitcoin and other digital currencies as legal property under the Payment Services Act (PSA). Even foreign blockchain firms like Ripple Labs have initiated their businesses here over the years.
Having said that, the taxation of these digital assets doesn’t quite paint a similarly optimistic story. Japanese tax authorities are influenced by the “strict” overseas tax system,
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