The country allows its citizens to purchase, sell, mine the altcoins, trade crypto-assets for Belarusian rubles, forex, and electronic currency, as well as to create their own cryptos. Not only this, the country has removed any tax on holding the crypto till Jan.1, 2023. Now, that’s a very crypto-friendly take indeed!
Japan’s regulatory requirement asks all the crypto trading platforms to obtain a license from Japan’s Financial Services Agency in order to exercise any activity related to the cryptocurrency in the country. Japan is not only in favor of cryptocurrency, but also encourages participation. By far, there are 19 crypto-licensed platforms and 110 platforms are ready to get themselves registered.
The country encourages the crypto sphere, by lowering the taxes and even tax exemptions to crypto start-ups. Further, the country treats digital currency as assets liable to wealth tax and declaration in the annual returns.
- South Korea
The FIU (the Financial Intelligence Unit) of South Korea has recently revealed that it is planning to regulate the local crypto exchanges to make the administration more comprehensive. The users are expected to use their real names (the official names that are registered with banks) in order to trade or invest in the cryptocurrency. By far, Upbit, Korbit, Coinone, and Bithumb are offering this service.
Beyond the country’s historic attractions, the small island has attracted crypto investors from all over the world. It offers relaxed tax laws for crypto exchanges to establish them in the country. One fine example of this kind of crypto exchange is Binance.
To start with, the country boasts the largest crypto exchange- ‘Bitstamp.’ The country treats crypto as ‘intangible assets’ that are only taxed when exchanged for fiat currency and are not subjected to any VAT.
The country has recently added crypto to its latest regulatory framework. It offers low-taxes and is filled with many crypto and fintech companies to attract business from all over the world.