NEW LOCATION

Olá Brazil Brazil NVMe-powered VPS Plans in Brazil Now Available.

Deploy Instantly
  • +357 2425 0808
  • Login
  • English

Home

Blog

Japan officially recognised Bitcoin as a...

Japan officially recognised Bitcoin as a method of payment

Japan officially recognised Bitcoin as a method of payment

NetShop ISP

NetShop ISP · Blog Author

Mar 31, 2017 · Archive

Japan signed a law recognising virtual currencies like Bitcoin as a legal method of payment. Even though the bill does not recognise Bitcoin as a currency, it accepted that cryptocurrencies have “asset-like values” that can be used “as payment to indefinite parties for the cost of purchase or rent of items or receipt of services and which can be transferred by means of electronic data processing systems”. The bill will go into effect on April 1.

“Bitcoin will continue to be treated as an asset unless there are future revisions or directives to Japanese tax law,” was noted in Bitflyer exchange.

The bill is also imposing a few requirements on Bitcoin exchanges in the country. Japan government’s Financial Services Agency (FSA) started regulating virtual currency exchanges and operations last year, but according to the new law, they need to be registered with the Prime Minister.

Requirements are also need to be met while processing digital currency exchanges domestically. For instance, is it essential to have a minimum capital of JPY10 million (US$89,430) as well as IT systems capable to prevent theft and loss. Other requirements include stricter KYC guidelines, establishing the system for employee training and internal rules.

The accounting part still remains unclear for Bitcoin adopters in Japan. Nikkei Asian Review reported that current accounting standards in the country do not cover digital currencies, so there is no guidance yet on how to approach cryptocurrency-related transactions for tax purposes.

Chikako Suzuki, a partner at Pricewaterhousecoopers Aarata believes that missing clarifications pose “a risk that companies that hold virtual currency could turn out to have distorted valuations or that huge losses surface suddenly”.

“The Accounting Standards Board of Japan decided Tuesday to begin consideration, expected to take six months, of a framework for treatment of virtual currency,” was stated in the Japanese news outlet.

Press Releases
75

Free VPS Trial

No Credit Card Required.

Recent Posts

The Importance of Server Backups: Ensuring Data Security and Business Continuity

The Importance of Server Backups: Ensuring Data Security and Business Continuity

24 September, 2024

The Critical Role of Server Time Synchronization in MetaTrader 5 (MT5) Cluster

The Critical Role of Server Time Synchronization in MetaTrader 5 (MT5) Cluster

04 September, 2024

NetShop ISP Expands Global Cloud Footprint in São Paulo, Brazil (LatAm)

NetShop ISP Expands Global Cloud Footprint in São Paulo, Brazil (LatAm)

30 August, 2024

Microsoft Security Alert: Zero-Click IPv6 Vulnerability on Windows Servers [CVE-2024-38063]

Microsoft Security Alert: Zero-Click IPv6 Vulnerability on Windows Servers [CVE-2024-38063]

17 August, 2024

How To Connect (RDP) on Windows Server 2022 from Linux Ubuntu PC

How To Connect (RDP) on Windows Server 2022 from Linux Ubuntu PC

16 August, 2024

#letushostyou

Award Winning Hosting Provider established in 2004.

120 Faneromenis Avenue, Imperial Tower, 2nd Floor, Larnaca 6031, Cyprus

Products

Bare Metal Servers

Customized Servers

Virtual / Cloud Servers

Forex VPS

Storage VPS

cPanel Web Hosting

Reseller Web Hosting

Colocation

Addons

Premium DNS

Email Hosting

Cloud Backup

DDoS Protection

Licenses

SSL Certificates

Domain Names

Premium SLAs

About Us

Data Center Locations

Looking Glass

Our Company

Contact Us

Careers in Cyprus

Become a Partner

Awards

Certifications

© 2024 S.S. NetShop Internet Services Ltd. All rights reserved.  Terms & Conditions  |  Privacy Policy
CY Reg. Number: HE 217340 | EU VAT Number: CY10217340J

Visa
Mastercard
PayPal
Bitcoin
Tether
Ethereum
Litecoin
Wise
Revolut
Wire Transfer