Japan to tax cryptocurrency traders

The Japanese government has set a new tax law which dictates the cryptocurrency traders who have an annual income of over $365 thousand to pay taxes from 15% to 55% of gained revenue. The measure was likely set after the authorities concluded that the state budget could benefit much more from cryptocurrency traders than it did before this new law.

As noted by Shiodome Partners Tax Corporation, some traders deemed these terms unacceptable and already relocated to neighboring countries lacking this taxation.

Meanwhile in China, the local National Internet Finance Association backed by government will increase the monitoring of ICOs, as reported by the media. The regulation of cryptocurrency market in this country is much stricter than in Japan, for example, China banned exchange trading and wants to block corresponding websites.

As for the cryptocurrency prices at the beginning of this Monday (7:10 AM UTC), major coins are experiencing slow growth after a little dip on Sunday. For example, Bitcoin has jumped down to $7900 during that day. You can read what happened last week in Bitnewstoday’s separate report.