In 2016, Japanese officials ended the 8% consumption tax rate imposed on bitcoin purchasing on the digital currency exchanges.
Through a combination of popular interest, major exchanges and regulation, the country has not only established itself as a cryptocurrency authority, but it has started to lead the way in terms of innovation.
The Financial Services Agency, the government agency that oversees banking, securities, and exchange services in Japan, plans to set up stricter requirements on.Japan is a very different country when it comes to cryptocurrency activity.
New laws will set Bitcoin and other digital currencies as official currency in Japan.
As such, the new regulation will require bitcoin exchanges to register with the government and submit annual reports.
The recognition will give bitcoin the mainstream currency status.
Japan remains neutral on Bitcoin regulation, but what does this mean for the Bitcoin price.Japanese regulations stepped in, instead of trying to use cryptocurrency regulations.
This tax relief and the Bitcoin Japan regulation might help to foster confidence in the digital currency industry, where there are 4,200 merchants that accept bitcoin.Cryptocurrency in Japan: Crypto Industry Groups to Merge, Launch Self-Regulatory Body.
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