Crypto On LYO: The Blend — Japan Exempts Crypto Issuers from 30% Tax, Receives Regulatory Approval in Spain, Bitcoin Gains Support from U.S. Presidential Candidates

Crypto On LYO: The Blend — Japan Exempts Crypto Issuers from 30% Tax, Receives Regulatory Approval in Spain, Bitcoin Gains Support from U.S. Presidential Candidates

What happened in the crypto world in the last week? Let’s see some interesting news together! 

Japan Exempts Crypto Issuers from 30% Tax on Unrealized Gains

Token issuers in Japan no longer have to pay corporate taxes on unrealized cryptocurrency gains, according to a law revision by the National Tax Agency on June 20. 

The tax exemption goes into effect nearly six months after the Japanese government approved a proposal eliminating the requirement for crypto firms to pay taxes on paper gains on tokens they issued and held.

Legislators in Japan have been discussing new crypto tax rules since last August as part of broader tax reform for 2023, but the tax authority has only given the final approval this week. Under the new rules, Japanese firms issuing tokens are exempt from paying a set 30% corporate tax rate on their holdings. Before this law, even unrealized gains were subject to taxation.

The ruling Liberal Democratic Party expects to make it “easier for various companies to do business that involves issuing tokens.”

The cryptocurrency industry in Japan has been undergoing significant changes lately. Since June 1, the country has been enforcing stricter Anti-Money Laundering (AML) measures to trace cryptocurrency transactions to align Japan’s legal framework with global crypto rules. Receives Regulatory Approval to Offer Crypto Services in Spain

Singapore-based cryptocurrency exchange service provider has obtained a virtual asset service provider registration from the Bank of Spain. The regulatory approval allows the exchange to offer a range of crypto-focused services to customers in Spain, a country that has recently taken a positive approach to crypto.

The crypto exchange platform had to comprehensively review its Anti-Money Laundering Directive compliance and adhere to other financial crimes laws before getting the nod. The latest regulatory approval in Spain comes within weeks of acquiring a major payment institution license for digital payment token services from the Monetary Authority of Singapore.

The latest regulatory approval means the crypto exchange is a regulated platform in nearly a dozen countries. Apart from Spain, the firm has obtained regulatory nod in Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, the Cayman Islands, and a pre-registration undertaking with the Ontario Securities Commission and Canadian Securities Administrators.

Bitcoin Gains Support from U.S. Presidential Candidates

In a bid to promote financial freedom and innovation, U.S. presidential candidates from different parties are throwing their weight behind Bitcoin and related technologies.

Democrat candidate Robert F. Kennedy Jr., in an interview with The New York Post, pledged his commitment to fostering policies that support Bitcoin.

He emphasized the importance of individual autonomy in managing Bitcoin wallets, nodes and passwords.

“I will make sure that we have policies that support Bitcoin and the freedom to transact and that allow individuals to manage their own Bitcoin wallets, nodes, and passwords,” Kennedy said.

He acknowledged the need for some regulation, albeit minimal, to curb money laundering.

Kennedy also made it clear that he is against central bank digital currencies. “I oppose central bank digital currencies because they are instruments of control and oppression, and are certain to be abused,” he said.

On the other hand, Republican presidential candidate Vivek Ramaswamy is not only a proponent of Bitcoin but is also accepting campaign donations in cryptocurrency.

Stay tuned for next week’s crypto news! Follow LYOPAY social media pages: 

Twitter | Facebook | Instagram | LinkedIn | Telegram | YouTube  

Leave a Reply

Your email address will not be published.