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Japanese Crypto-Traders Required to Give Half of the Revenue to the Treasury

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Bloomberg information agency informed that the Japanese authorities had set a new tax rate for the participants of the crypto-market. Henceforth, investments in cryptocurrency oblige traders to pay from 15% to 55% of taxes. As reported in the news, the maximum interest rate is calculated for those market participants whose annual income exceeds the mark of $365,000.

Under the new legislation, investors are required to declare these revenues from mid-February to mid-March. Quite strict rules led to the fact that some particularly large players of this market decided to leave Japan in favor of other countries with a softer tax regime.

Nevertheless, experts predict an increase in inflows to the state budget, as over the past few months, cryptocurrency trading has taken 40% of the total amount of operations in the markets. It is noted that the tax on income from trading in other assets (securities, metals, currencies, etc.) accounts for around 20%. To keep track of the activities of crypto-traders, special working groups have already been created that are engaged in creating databases of traders on crypto-exchanges.

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