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Japan and Cryptocurrency Regulation: Updates

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Lawmakers in Japan are looking into bills which could have a significant impact on the crypto industry. FSA is set to launch updated regulations on ICOs.

Lawmakers in Japan are looking into bills which could have a significant impact on the cryptocurrency industry in Japan. Japenese lawmaker Tekeshi Fujimaki who is a representative of the political party Nippon Ishin has recommended four amendments to help promote the wider spread of virtual currency into society. The four proposals are as follows:

1. A separate tax rate of 20% for cryptocurrency gains instead of the current maximum of 55%. THis would bring cryptocurrency investing more in line with the way stock and mutual funds are treated and taxed.

2. Make it possible to carry forward losses on cryptocurrency trading to make the system fairer. That is actually a really powerful rule if passed and will make cryptocurrencies more similar to traditional investments.

3. Remove the tax on trading between cryptocurrencies: Currently, for example, if you trade bitcoin for ethereum and make a profit on that you need to pay tax. His proposal would remove the tax meaning that you only pay when cashing out fiat. This would be a massive boom to cryptocurrency investors in Japan and to the whole trading industry as a whole.

4. Removing tax on making small payments in cryptocurrencies: This would be particularly important when you pay using cryptocurrencies for daily life activities such as paying for lunch at a restaurant. This would be massive in terms of adoption and encouraging people to spend their cryptocurrencies. Currently, in Japan, you need to pay taxes twice when you make a purchase using cryptocurrency, once for the crypto tax and again for the sales tax.

This is the second time that Fuji has proposed crypto friendly in the parliament of Japan. Previously his proposal was casually disregarded but let’s hope that this time it is not disregarded that casually. But until we see a signed bill passed into law this is just a proposal and until we see these changes actually happening cryptocurrency enthusiasts in Japan will continue to suffer under an unfair tax regime.

 

Japan ICO Regulation

The Financial Services Agency of Japan is set to launch updated regulations on the Initial Coin Offering market. The FSA has been holding ICO study groups to access the best ways to handle ICO regulation citing the need to catch fraudulent offerings. The FSA instead of creating completely new rules is looking to widen the application of two existing laws. The first law is the payment services act and the second is called the financial instruments and exchange act.

The financial instruments and exchange act, in particular, provides a regulatory framework for securities and for securities companies in Japan. The new scope of the regulations would include the need for things like disclosure, financial health screening of ICOs being offered and the regulation of distribution channels for tokens as well as possibly limiting the amount of money that investors can commit to any given ICO. Anyone wanting to hold an ICO in Japan would also to be registered with the FSA. Essentially, the FSA wants to let ICOs happen but in a way which helps investors to better understand the trueness of an ICO without causing too much trouble for the ICO itself. But this may end up impacting the number of  ICOs in Japan which are being launched and potentially limit the ability for investors in Japan to participate in a wider range of foreign ICOs.
This appears to be the direction that the FSA is heading towards but it still needs to get approval from the parliament and is likely going to be subject to at least some form of provision before we see a final bill. Overall, while many do not like the idea of government regulations, this will actually be a good thing to help provide more clarity and hopefully increase the number of high quality and legitimate offerings available to investors in Japan.

It appears that lawmakers in Japan are continuing to stay at the forefront of the cryptocurrency regulation scene. If all of the rules discussed above are passed, this would be a great indicator for the future of cryptocurrency in Japan which is currently, of course, one of the crypto friendliest countries anyway.

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Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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Kevin O’Leary from Shark Tank calls Bitcoin: Garbage and a Useless Currency

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During an interview with the CNBC, Kevin O'Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

During an interview with the CNBC, Kevin O’Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

 

Kevin O’Leary calls Bitcoin Worthless

Famous as the founder of Softkey, a startup that earns annual revenue of around $29 million and a host on the American business reality series Shark Tank, Kevin O’Leary is a celebrity amongst the business class in the United States of America.

 

During the interview published on 14th May 2019, Kevin expressed his thoughts over the king of cryptocurrencies bitcoin and called it a useless currency as the people who accept it just wants to hedge against the high volatility of the virtual currency. This comes in the midst of the current bitcoin surge as the virtual currency doubled its value in just a few days from below $4000 to more than $8000.

 

Kevin also explained why he has such negative views on bitcoin giving the instance of how once he tried using bitcoin for a real estate transaction in Switzerland. He said that it is not possible to get in and out of bitcoin while transacting in huge amounts.

 

He also gave an example stating that if one wants to buy real estate in Switzerland for $10 million. The seller wants a guarantee that the value comes back to him as currency at ten and the buyer has to hedge the risk of the cryptocurrency, hence it is not a real currency. Kevin said that the seller or the receiver would never want to take the risk of such high volatility and thus BTC is worthless.

 

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Amazon Owned Whole Foods, Other Big Retailers Start Accepting Bitcoin

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Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

 

Whole Foods and Others accepting Bitcoin using Spedn:

A company called Flexa in collaboration with Gemini exchange which is owned by the Winklevoss Twins has managed to persuade a lot of big retailers including Nordstrom, Crate and Barrel & Whole Foods to configure the same scanners that they are already using for payments from other digital wallets like Apple Pay to work with their cryptocurrency payments app called Spedn.

 


Everything is handled on the backend of the application so that the cashier need not even have heard of bitcoin, let alone understand how to manage payment in cryptocurrency. The merchant has the choice in receiving immediately converted fiat or actually taking and holding the cryptocurrency.

 

The Spedn app lets consumers pay in bitcoin, bitcoin cash, ethereum and GUSD (Gemini Dollar), the Gemini backed stablecoin.

 

This new solution actually uses the existing systems and offers really only upsides for the companies as they don’t have to do any special training for their staff and there is no new hardware required and just a software upgrade.

 

It is worth noting that this is still in its early experimental stages for all the retailers which are cooperating with this scheme and things may of course change in the future. The thing to keep in mind here is that Bakkt is likely launching a massive payment processing service for cryptocurrency in the very near future as well and it could be a big competitor to what Gemini and Flexa are offering.

 

The company will also need to prove itself with consumers and get people to actually go out, download and use the Spedn app.

 

Can this be a game changer in retailer adoption of bitcoin and cryptocurrencies? Let us know about your thoughts in the comments section below.

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