In today’s crypto news, we have the government of Japan and its recent efforts to simplify the current tax filing system for cryptocurrencies and therefore ensure investors to accurately report their gains. According to Japan’s Tax Commission, there must be a way to simplify the process through which residents of the country file their taxes in regards to their Bitcoin and altcoin investments.
During the general assembly held on October 17th, the commission discussed potential improvements to the process, as the regional news outlet Sankei.
The committee is apparently rolling out a new system that would make a lot of things regarding tax filing easier – and make it easier for taxpayers to calculate their profits on the sales of digital assets – when compared to fiat currencies and other cryptocurrencies.
As the president of the Tax Committee, Minoru Nakazato, stated during the assembly:
“Since it is necessary to take into consideration frameworks other than the taxation system and business practices, we will hold a small meeting of experts to deepen the discussion while listening to outside opinions.”
The president also said that the profits from the sale of cryptocurrencies currently fall under the category “miscellaneous income” where a sliding tax rate from 15% to 55% is applied, depending on the number of gains above a threshold of 200,000 yen ($1,800) per year.
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
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