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      "body": "Although it is difficult to identify the true reason for the recent downward trend in the crypto market, some people say it is due to the upcoming regulations that will be discussed at the G20 this month (March 2018).  That might be true.  The Japan Financial Services Agency (\"JFSA\") claims itself as one of the first countries to introduce regulations around the crypto currencies.  So, that means that everyone is interested to know what kind of regulations are currently implemented in Japan?  May be.  That is why I thought it might be a good idea to write about this topic.\n\n1.  The regulations do not categorize crypto currencies as \"Securities\"\n\nTo start with the Japanese regulations do not categorize crypto currencies as \"Securities\" under the securities regulations.  The securities regulations are governed under the Financial Instruments and Exchange Act (\"FIEA\").  The crypto currencies regulations were introduced by amending the \"Fund Transfers Act\" (\"FTA\") totally separate from the FIEA.  FTA and FIEA are both supervised by the JFSA, so the JFSA is the primary responsible regulators for crypto currencies.  By the way, it is not categorized as commodities.  Therefore, the regulators responsible for crypto currencies is not the Ministry of Economy, Technology and Industry (METI).\n\n2.  Crypto Currencies are defined as \"Virtual Currencies (kaso tsuka)\"\n\nWhen amending the FTA, the legislators introduced a definition for Crypto Currencies.  The definition under Paragraph 5 of Article 2 of the FTA stipulates as follows:\n\n\"In this Act \"Virtual Currencies\" means any of the following items.\n\n(1) proprietary value (limited to those that are recorded by electronic means in electronic machines or other things, and excluding Japanese fiat currencies and non-Japanese fiat currencies and assets denominated in fiat currencies, the same in the immediately following item) that (a) can be used for payment of consideration for purchasing or borrowing merchandise or receiving services with unspecified number of people, and (b) can be purchased or sold with unspecified number of people as counter party, that can be transferred by using electronic data processing systems.\n\n(2) proprietary value that can be exchanged with those defined in the immediately preceding item with unspecified number of people as counter party, that can be  transferred by using electronic data processing systems.\"\n\nItem (1) will be the likes of Bitcoin where it can be used in retails stores in Japan.  Item (2) is something that is not quiet clear.  The commentaries refer to anything that cannot be used in the open market to settle payment obligations for receiving merchandise or services, but is used to exchange the likes of Bitcoin.\n\nThis definition was drafted in light of the definition of Virtual Currencies in the FATF Guidance.\n\n3.  The meat of the regulation is \"Virtual Currency Exchange Business\"\n\nAfter defining \"Virtual Currencies\" the regulation moves on to define \"Virtual Currency Exchange Business (kaso tsuka kokan gym)\" (\"VCEB\").  This is because the FTA adopts a regime whereby anyone who wishes to operate a VCEB is required to obtain registration with the JFSA.\n\nNow let me introduce you to the definition of VCBE.  Paragraph 7 of Article 2 of the FTA stipulates are follows.\n\n\"In this Act \"Virtual Currency Business Operator\" means to engage in any of the following activities as a business, and \"Exchange Etc. of Virtual Currency\" means to engage in the acts set forth in items (1) or (2).\n\n(1) Sale and purchase of Virtual Currencies or exchange with other Virtual Currencies\n\n(2) Intermediary, brokerage or agency of any of the acts stipulated in the immediately preceding item\n\n(3) Management of cash or Virtual Currencies of users of the services set forth in the immediately preceding two items\"\n\nThis definition of VCEB captured all of the exchanges active in Japan.  Thus, the exchanges were required to obtain registration from the JFSA.  This regulation was enacted in April of 2017, the active exchanges were entitled to a special transitional treatment whereby they could continue to operate without obtaining the registration.  Those VCEBs filed for a registration but some of them were put on hold by the JFSA.  Coincheck that caused the NEM (XEM) disaster was one of those VCEBs that was unable to obtain the registration.\n\nTomorrow we will look into the requirements for obtaining the VCEB registration and what is practically happening in Japan, including the existence of a whitelist that is rumored in the Japanese crypto space.  This might give a hint of what might happen elsewhere after the regulations tighten up.\n\nThank you for reading and please let me know if you have any topic that you would like to know.",
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      "author": "keelowpeng",
      "body": "Virtual currency exchanges in Japan, such as Bitflyer and Coincheck, have been pushing the retailers to accept Bitcoin for over payments at their retails stores.\n\nCurrently,  major retailers such as Bic Camera, selling various consumer electronics, accept Bitcoin as payment.  However, if we use bitcoin for payment to buy goods, any capital gain realized by such payment will be taxable.\n\nThe National Tax Agency of Japan (\"NTA\") issued a set of guidance on how gains from virtual currencies will be taxed.  The guidance is titled \"Calculation method etc. for gains from virtual currencies\" (\"Guidance\")  \n\nThe Japanese document is available from the following link.  Sorry but it is only in Japanese.\n\nhttps://www.nta.go.jp/shiraberu/zeiho-kaishaku/joho-zeikaishaku/shotoku/shinkoku/171127/01.pdf\n\nThe Guidance contains nine practical examples for calculating gains from virtual currencies.  Outline of these questions are as follows.\n\n(1) Sale of virtual currencies\n(2) Purchase of goods using virtual currencies\n(3) Exchange of virtual currencies with virtual currencies\n(4) Acquisition cost of virtual currencies\n(5) Acquisition cost of virtual currencies acquired through hard fork\n(6) Which income classification to use when filing tax returns for income from virtual currencies\n(7) Whether losses from virtual currencies can be deducted from income from other sources\n\nItem (2) becomes an issue here.  This Guidance is written in a Question and Answer format.\n\nQuestion\n\nHow do you calculate your gains when purchasing a  product using virtual currency?\n\nExample\n\nMarch 9:  Purchased 4 BTC at JPY 2,000,000 (including transaction fees)\n\nSeptember 28: Purchased a product worth JPY 155,000 using 0.3 BTC (including fees)\n\nAnswer\n\nIf you use your virtual currencies to purchase goods, the difference between the acquisition cost and the price of the goods at the time of the purchase should be recognized as taxable income.\n\nWhen using the above example the taxable income shall be JPY 5,000.\n\nJPY 155,000 - (JPY 2,000,000 / BTC 4) x BTC 0.3 = JPY 5,000\n\nThis taxable income will be subject to a maximum tax rate of 55%.  Bitcoin holders tend have high income and this might be the case for people who use bitcoin in their daily lives.  Anyways if this high tax rate applies then each team a person buys goods, they need to prepare for payment of taxes in Japanese Yen.  For the above example the person needs to reserve JPY 2,750 for his/her tax payment next year on or around March 15.  If the person does not hold so much fiat currencies then he/she needs to carefully manage the fiat currency v.s. virtual currency composition in their asset portfolio.  This is really cumbersome.\n\nAccordingly, even if the virtual currency exchange operators and venture businesses introduce fast and smooth ways to use BTC for payment unless this issue is resoled people will need to run the risk of failing to fulfill their tax obligations and use virtual currencies.\n\nIn order to allow wide acceptance of virtual currency use, the NTA should introduce a safe harbor of some sort to limit the circumstances to apply the above method, such as limiting to payments for goods exceeding JPY 1,000,000 in one instance.  Unfortunately, we have not seen any concrete movement towards this direction, yet.  However, this issue is commonly understood as a matter that needs to be solved among people holding virtual currencies in Japan.",
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      "body": "@@ -272,115 +272,8 @@\n %22.%0A%0A\n-This is the first time a main stream financial institution is reported to issue crypto currency in Japan.%0A%0A\n MUFG\n@@ -2986,16 +2986,203 @@\n nding.%0A%0A\n+Actually, MHFG (Mizuho Financial Group) announced that they will issue their crypto currency %22J Coin%22.  MHFG's goal is to have %22J Coin%22 publicly used by the 2020 Tokyo Olympics games.  %0A%0A\n Here you\n@@ -3243,16 +3243,41 @@\n internet\n+ (sorry only in Japanese)\n .%0A%0Ahttps\n@@ -3328,8 +3328,85 @@\n /098000c\n+%0A%0Ahttps://headlines.yahoo.co.jp/article?a=20180113-00000005-nikkeisty-bus_all\n",
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      "body": "On January 14, 2018, it was reported in the Japanese media that, MUFG (Mitsubishi UFJ Financial Group), which people might say is the J.P. Morgan Chase & Co. of Japan, is planning to issue its own crypto currency.\n\nThe name of the currency is planned to become \"MUFG Coin\".\n\nThis is the first time a main stream financial institution is reported to issue crypto currency in Japan.\n\nMUFG Coin will be supported by the blockchain technology.  Although the decentralized ledger technology will be used, unlike Bitcoin, MUFG Coin will be managed by MUFG.\n\nThe plan is to issue MUFG Coin within 2018.  The exchange rate of MUFG Coin to JPY will be floated.  However, MUFG plans to control the price of 1 MUFG Coin towards JPY 1.  In order to do this exchange rate MUFG plans to open its own crypto currency exchange.  MUFG has already notified the Japan Financial Services Agency (JFSA) of their plan.  Under the Payment Services Act, MUFG will be required to apply for a registration to engage in the business of crypto currency exchange, so it is understandable that they notified the JFSA.\n\nThe ultimate goal for MUFG is described as to reduce costs and improve customer experience.  MUFG will develop an application (apps) that the users can download and use on their smart phones.  That application will allow the users to exchange JPY funds in their bank accounts to MUFG Coins and transfer such coins to their friends and use for payments in retail stores.\n\nApart from that the details on how to use MUFG Coin are yet to come.  MUFG will hold a business idea competition in March 2018 to promote actual business ideas using the MUFG Coin.\n\nThe news report says that there is a regulatory reason for MUFG not \"pegging\" the MUFG Coin price to JPY.  The transfer of funds using MUFG Coin may be deemed as a regulated \"JPY Funds Transfer Service\" if the coin price is pegged to JPY amounts.  Because in such case the substance is just transferring JPY not transferring the crypto currency of MUFG Coin. \n\nIn light of such risk, MUFG seems to have considered obtaining a registration for engaging in such service.  However, the upper limit of the funds to be transferred under such registration is JPY 1 million (approx. USD 10,000).  This is way too low to offer this service to corporates.  Accordingly, MUFG is trying to avoid such upper limit by floating the MUFG Coin / JPY exchange rate and claiming that the transfers of MUFG Coin is not a transfer JPY funds.\n\nThe Japanese financial institutions have been proactive in adopting new technology into their business.  This is the first time that a concrete idea has been reported and I am very excited to see this type of development happening in Japan.  MUFG is known to be a prestigious but a very conservative bank, and to see MUFG take the first move among the big financial institution is a surprise.  The others, e.g., Mizuho, SMBC, may follow MUFG's move and if they do and issue Mizuho Coins and SMBC Coins, the need for Inter Ledger Protocol (ILP) may increase since people use different banks to repost there savings for daily spending.\n\nHere you can find a link to the original report posted on the internet.\n\nhttps://mainichi.jp/articles/20180114/k00/00m/020/098000c",
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      "author": "seanytan",
      "body": "welcome to Steemit!\ndo you happen to be Singaporean? from your username thats what i was thinking haha.\nanyway hope to see more of your posts!",
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      "author": "jkcroatia",
      "body": "hello and welcome to steemit community. this is a great platform.\nif you like, you can visit my blog and we can be in touch..  #follow   :)\nI am also investing in crypto",
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      "body": "In this blog, I plan to introduce the things that are happening on the ground in the Japan crypto investment world.\n\nGiven my background as a lawyer, I tend to be geared towards the legal and regulatory side of things.\n\nJapan was one of the first countries to introduce a set of regulations on crypto currencies and I feel that sharing what is going on in Japan on that side should be some what interesting to the folks in different jurisdictions.\n\nSince I am an active investor in crypto currencies will try to cover other interesting news in the Japan market.\n\nFurther, I have experience in working at Japanese and U.S. financial institutions so should be able to provide some perspective from regulations in the traditional financial services.\n\nThis is the first time for me to put my thoughts in writing and publicized them.  I am looking forward to receiving your candid comments!",
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