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Japan’s Yomiuri Shimbun reported Saturday that the Financial Services Agency (FSA) is holding closed talks with “experts” about cracking down on Bitcoin and crypto in Japan. Some residents are bullish on the news, as they hope for tax relief via potential legal amendments. Their hopes and consequent skyrocketing centralized adoption in Japan hinge on the buzz that followed Trump’s re-election in the United States. Japan’s Yomiuri Shimbun reported early Saturday (JST) that the country’s financial regulator may be moving to crack down on crypto. In view of reining in unregistered peer-to-peer use (ironically, the whole point of Bitcoin in the first place), the Financial Services Agency (FSA) is reportedly in closed-door talks with “experts” about changing the legal system when it comes to virtual assets. ‘Unregistered’ crypto use targeted as investment skyrockets in Japan In light of the discussions, amendments could be made to the Payment Services Act and the Financial Instruments and Exchange Act. The report notes that as centralized investment in crypto is “rapidly increasing” there’s a fly in the state’s soup: unregistered intermediaries and individuals trading crypto without Big Bro’s permission. To help capture Satoshi’s pesky peer-to-peer creation bringing economic freedom to the masses, the Japanese political machine is reportedly considering stiffer penalties for “unregistered” use, and requiring “crypto asset issuers to disclose details of their business operations and stocks.” Crypto accounts opened in Japan have grown 3.5X over the last five years. Source: Yomiuri Shimbun. Public sentiment split with potential Bitcoin tax overhaul and spreading Trump mania  On the flip side, some normie investors seem pretty happy. One issue the Japanese public has their eyes on is lowering the country’s astronomically high taxation of cryptocurrencies. As Cryptopolitan has previously reported, there has been political discourse about a separate 20% tax rate for virtual assets. Currently, Bitcoin…

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Filed under: News - @ November 23, 2024 1:20 pm