Japan’s New Prime Minister Thinks ‘Crypto Should Be Taxed’
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Japan’s New Prime Minister Thinks ‘Crypto Should Be Taxed’

September 15, 2020      Jyoti Singh

Yoshihide Suga, who recently started leading the Liberal Democratic Party, would soon be taking oath as a new Prime Minister of Japan.

Soon after, Shinzo Abe resigned as the Prime Minister of Japan, Suga has been elected as the new one.

Japan’s A Bit Complicated Regarding Cryptocurrency

Japan actually has a complicated kind of relationship with cryptocurrencies. Two of the companies. i.e., Coincheck and Mt. Gox, involved in the biggest crypto hacks, are from Japan. 

Although the country has seen these kinds of damages, it still is planning to regulate crypto assets and since very long Suga has been supporting this. 

In the year 2014, when Suga was serving as a Chief Cabinet Secretary in the country, rather than describing Bitcoin as a commodity, he described it as a commodity.

At that time, he also mentioned that cryptocurrencies in the country should be taxed.

Suga as a Chief Cabinet Secretary stated, “If there are transactions and subsequent gains, it is natural for the finance ministry to consider how it can impose taxes.”

Earlier, the crypto community was not inspired by these kinds of statements, but currently, as Suga becomes the Prime Minister of the country, Japan would be heading towards the digital economy.

FSA To Regulate Crypto-Related Business

In May 2020, Japan amended two of the acts .i.e, the Payment Services Act and the Financial and Exchange Act. These are considered to be significant changes in the world of cryptocurrency because now the FSA would be regulating those crypto-related business activities which are being operated from Japan.

Then a month later, G20 digital economic ministers meeting was held in Japan. 

It has been announced in the meeting that in the coming year’s blockchain would create new opportunities for the individuals as well as firms.

Current developments in Japan show that country is more of a pro-crypto. 

Although Suga did not embrace cryptos earlier, he still thinks that it should be taxed.

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Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.