Bitcoin Forum

Japan on it's move to regulate cryptocoins, has started licensing exchanges operating inside it's jurisdiction.
https://www.bitsonline.com/japanese-exchanges-licenses/

Quoinex becomes the first to get such license followed by bitflyer.

So, are we going towards more kyc, identity verification, source of income, income tax, profit tax, remittance tax?

Of course! Not all governments yet fully realized how to tax the money from mining and crypto trade, but some of them are touching the ground. Sooner or later, most miners will pay taxes. You can't hide from the taxman :).

Good news, I see a great future in Japanese crypto and for tax problems let's wait for further news!

Awesome, they embrace blockchain, but China refuses, let us see Japan will beat China.

It's really interesting. Japan introduced another approach in comparison to China's ban, and in fact it seems to become more profitable for the country in overall. However, I think not all crypto-people/companies will appreciate such effort in the form of taxes and other fees.

yes, it is a good news, I hope there will be more countries legalize bitcoin, When bitcoin is legal , it will attract more buyers so the the price will increase too, The law of suply and demand. What countries will follow Japan?

what a great news! s. korea is banning icos now but japan is in exchanges now. i have converted my btc to fiat when the s korean news arrived because the btc price drops. but thanks to japan that pacify the price by announcing that they are legalizing exchanges there!

This is the opposite of china. I like japan becase they're really trying to do beneficial things for the society of crypto. They make it legal and then they're planning to open regulated exchanges. Awesome.

for sure there are some rules that's needed to be implemented after they accept those exchange and for sure too that taxes will be put in hands too
as this company will generate income and the government will need some share from that.

It's really promising news. With at least some kind of regulation/tax-charging for using(exchanging) cryptocurrencies in Japan, it could stimulate potential people to be more involved into the crypto-world in general.

i think it is a time for decentralized exchanges before other government ride the train of regulation . the main reason that many people join crptos every day is the rule of freedom , none of us looking for finical person again .

I don't think so, if you are still wanna using the decenctralized exchange site which to avoid them all. But i think the japanes will not strict as what already done by the chinese to us. Because the japanese is more friendly for us about that, and the exchange sites license can be determined as the serious intention from the goverment.

good news..
Japan is pretty quick about adopting new technologies.

The Japanese are very law-abiding citizens. I think they only lose from what will be registered by the users on the exchanges. Perhaps as this phenomenon will spread we will witness that exchange will be recorded offshore.

To me this is a very good development and a step in the right direction. We should all support Japanese government on This as this is the major way governments will have interest in cryptocurrency. Regulations will also help in putting scamming exchangers to check. I think more countries should follow suit in regulating cryptocoin exchangers as this will sanitize the cryptocoin market.

Yep.

What is the use of crypto if everything is going to be regulated.. feels like we might as well go back to fiat, or let an anon coin take over so we will remain "free".

If that happens, it is a booster doge for crypto currency market as a positive news comes from japan after many bad news from china. Japanese people are very honest and they will never break any rule and there government make proper regulations for their people and it will give big boost to all altcoins specially BTC.

I think it's a step in the right direction. People don't want exchanges just running off with people's money, so I hope things work out. With that the users of those exchanges will probably need to provide some sort of identity, and the exchange themselves will have to give up information such as income etc.

although only applies in Japan alone they have developed crypto technology and blockchain technology

and if in taxes, will add to the source of state income
if such a state seems to support a bitcoin transaction.

The move to register the exchanges in Japan is because of what happened to Mt. Gox. Japan doesn't want that global humiliation to happen again. Maybe there are no implementations of taxes to bitcoin transactions, only to have a license to operate. Perhaps they will leave bitcoin for what it is and learn the experiences they will get from bitcoin and apply it to their upcoming digital currency in the form of Jcoin.

after China goverment and Korea goverment want block ICO and ban bitcoin. Japan will be the lead country in crypto currency world

Very good news from Japan. This will take the cryptoworld to the next level

At least some good news between all those governments regulating and banning ICO's or even possibly Bitcoin.

I'm curious though, why didn't they name any of these exchanges? Or did I just miss reading them as I couldn't find the list. And wasn't there a LOT more exchanges that applied, according to the authorities themselves? What happened to the rest of them? What would be news also for us is what were the criteria and who were the ones that did not meet them.

I'm just curious to see how this regulation works out.

It should not affect much. Even the thought of a ban in China had little lasting effects. There will likely be some action over there as the people buy quick before the regs, but that is nothing but good news and after that they will still have less regualted options, they always do.

I don't think it'll affect much but on the positive side, it's a good thing. If you're earning or trading then why do you want to evade taxes.? Take it positively, at least one government has understood the potential of blockchain.

i have read that a lot of japan exchanges got their licence so japan will be the new market for chinese people
would be interessting what china would do now ! because they have to react.

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I think its a good news I know Im not yet too familiar in bitcoins and altcoins but since price are volatile this step of Japan would bring more demands of altcoins in the market and off course could bring prices to pump.

This is a right step forward for cryptocoins. I think most part of people just dont trust in crypto now or dont know about it. But when government starts register exchanges it means, that government supports crypto and understand that is future. Japan is only beginning.

what are some of the top exchanges in Japan?

Excellent news. The future of Bitcoin and the crypto world just keeps getting brighter and brighter.

How lovely it is! I wish it would happen also to all countries. I get more interested in this thing because I've been wishing that this would really happen soon. I just worry if my country won't get the same success that Japan is getting soon. My country has been suffering from crimes that spread from time to time. It is bothersome and kinda blocking success of bitcoin in my place so it has a slow development. Anyway,I have my support to Japanfor as long as they can help other country too.

This sounds like a very promising news. Japan is one of the world's biggest economies and surely one of the technologically more advanced ones, so this could have really a good impact on the perception of cryptos worldwide.

All should remember that states never legalised bitcoin, bitcoin was created "illegal" and many exchangeplattform opperators got imprisioned.

regards.

It was promising news which will really contribute to the growing adoption of crypto all over the world. I pity Japanese crypto users though, they need to pay tax with their crypto transactions just because it will be regulated but even if that is the case they might be happy about it because they can use it in their daily lives now.

In many countries. When you don't believe in encrypted money. Japan is following up on encrypted currency transactions. Have to admire their super strong consciousness. The future is the main battleground of encrypted currencies. Who controls the encrypted currency controls the dominance of the future market. Very optimistic about Japan's move

good to hear that. japan as always adopting technology to their daily activity.  this is what we need, a regulation that support cryptocurrency that make cryptocurrency becomes more solid and bigger

Good job for the Japanese government they are just protecting the people and the country from fraud so for me it's move is nice. They can only regulate exchanges not crypto's. Here in my country exchanges has been regulated too and we've had no problems so far. I know that they are monitoring in every transaction we had but that is what all they can do. We remain anonymous in our transactions online and why should I be afraid of exposing my transactions to them if I only withdraw small amount of money from my earnings online? I never tried to have bigger amounts  of coins stored on my wallet maybe soon. ;D

But the only downside on these exchanges is that they put a limit on the amount we are going to withdraw if we are not a verified user then we can only withdraw smaller amount of money from our Bitcoin wallets or other crypto wallets. We can be secured through regulating from scam right? So why are worried about these things? Are we doing something illegal? It does'nt matter if governments regulated exchanges and put taxes in it because it is for our dear country and we are safe to store our funds in them without the doubt of them running your funds away. Take note that we only pay taxes once we withdraw our coins using  exchanges not to the extent of every single  transactions we made and need to pay taxes because exchanges is different from wallets.

Goodnews for all bitcoin holder

Most Asian countries have never seen coin otherwise. Most of them forbid the virtual currency but Japan and Korea are two big countries in Asia to contribute to the virtual currency become legalized. However, it will be very difficult, but I still hope that the exchange of virtual currency becomes legalized and like we play securities or real estate.

japan and korea are becoming the chinese safe haven exchanges.

My thoughts exactly. I guess taxing may be focused on fiat withdrawals? It is a matter of time before governments start to seek to earn their share of people's crypto profits. The only reason I say fiat withdrawals is because it would be hard to justify taxing someone on a loss

Now i believe that Mr. Satoshi Nakamoto was an adapted son of Japan, they are patriotic and shows greater support whenever their countrymen contribute innovations for their progress not just in Japan but spreading worlwide and this is why the Japaese brand became a worldwide hit like Sony, Toshiba,Toyota,Mitsubishi, Honda, Suzuki,NEC, sushi, ramen, Naruto,DragonBall,anime,bukake and maki, this how Japanese embraces bitcoin as the creator sound like Japanese. It is not about bitcoin but this is about the legend of Mr. Nakomoto and also we are thankful about Japanese contribution to bitcoin price hike its 2 in a row this year ,first was from the 2nd quarter this around may or june , price hike was due to Japanese bitcoin demand as the government tendered it as legal and now the regulation of bitcoin exchanges in their territory, so another price hike expected this year but we are sorry for fraudulent traders, trading bitcoin in Japan is transparent so you should identify yourself or else find another representatives for your trading. Kudos Japan, domo arigato san.