Japanese corporate interests pushing back against regulators for crypto

16 Feb, 2019
by Arthur Sillers
Regulation
Japanese corporate interests pushing back against regulators for crypto

According to Cointelegraph, the  Japan Association of New Economy is attempting to lower the tax rate on crypto, bringing it closer in line with forex and traditional stock exchanges in order to foster adoption and normalize digital currencies.

The group has sent a notice to the Japanese Financial Services Agency (FSA) which argues in favor of an altered tax scheme which would effectively put crypto more in line with traditional financial investment vehicles. The group, and the proposed tax changes, are headed by  Hiroshi Mikitani, the CEO of Rakuten, which has been described as ‘Japan’s Amazon.’ Rakuten in particular is undergoing a corporate restructure which includes the addoption of crypto-related subsidiaries and e-commerce structures.

Rakuten is among the retailers who have shown strong interest in crypto adoption for the country which has come up against regulatory ambivalince. Japan is notable, though not entirely unique, in the fact that there is vested interest among the public and especially among commercial entities to move towards mass crypto adoption, while finding that regulators are not as keen on the concept.

Still, the FSA has recently clarified their process for regulating ICOs and digital currencies, indicating that crypto regulation is moving forward in the country.

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