Bitcoin Forum

what is your opinion about this?paying up to 55%  tax of your income in cryptocurrency is like crazy for me ideal taxes is 15% to 30%
anyway a admire japan that they support and recognize cryptocurrency i hope someday my country they do same like japan.


https://cointelegraph.com/news/japanese-crypto-investors-to-pay-tax-of-up-to-55-percent-on-profits

55% is quite big to think the recent value of btc. I don't think this is fair enough though. But again since Japan is on the early adoption in using btc as a commodity and means of payment I think this is a good jump start towards the goal of btc in eliminating double spending. Again if Japan, a first world country is the first to implement this then this is a win win situation for bitcoin regardless of the amount of fee.
 

Taxes are so large that I think it is unnatural to apply, in trading our cryptocurrency is not always in profit, and that I think is very detrimental to the owner of cryptocurrency in the presence of such a large tax.

with that kind of tax rate id be holding for years before id cash out.

I am actually very disappointed in the Japanese government for doing this. They started out by being a pioneer by recognising the technology as a currency and then it turns out that they are doing this to milk the Crypto community for more taxes.

Something similar happened in New York with the BitLicense, where everyone was very happy when New York accepted the technology and promised that it would properly regulate it, to protect their citizens. What happened was that the BitLicense was so complicated and expensive, that it actually created a barrier to entry for most businesses. <A lot of businesses left New York because of this>  

This is obviously not a good news, 55% of taxes, oh my god, this is terrible, this is totally irrational.
So if you lose money, the government gives you subsidies？？ I'm curious about that. ???

If this is effected, it is not only high but exorbitant which can be said to be suicidal. 55% even the highest I know of is 35% and that is for corporate organisations in which even the US government is reviewing its own downwards to ensure there is much more disposable income in the private sector and with that they can expand, create more jobs, and it turns to more money for government in form of taxes all over again.

What I am seeing here is a strategy by the Japanese government in the sense that, they want to allow crypto but dont want it to change their social order by giving more money to the hands of the individuals engaging in crypto because an 18 year old boy making the right decision in crypto can be a millionaire before 20, spread across the whole country means some level of independence which they might not be able to control if it circulate throughout the country and that is government losing their influence over the citizenry.

What is the normal rate for tax on profits in Japan?  Is this similar or same?

That is just pure bullsht. I absolutely doubt that anyone would agree to such terms. But then again, there would be no other thing that the Japanese people can actually do since it is the decision of the government. The Japanese people will just have to look at the bright side that at least, their government is putting an effort to accredit crypto currencies as a currency that actually has a real value. Unlike other countries out there who turns a blind eye to the greatness of this new innovation and ban it instead of adapting to the progress of technologies. I sure wish that my country would also do something like this.

Honestly though, I really think that the tax requirement for cryptos in japan is really just for now. I think that it will really decrease gradually in time. I don't know, but I sure do hope so.

I agree with you, it's really big taxes. But! They exist! So, Japan government recognizes cryptocurrency as a value! And this is a bigger plus than taxes)China could earn a lot of money!Instead of this, they ban mining and cryptocurrencies.