Japan to Regulate Bitcoin as a Commodity

 

Japan is set to become the first major economy to regulate Bitcoin. The Japanese government plans define Bitcoin as a commodity and is preparing rules for trading and taxing the virtual currency.

According to the Nikkei Asian Review, gains from trading Bitcoins on exchanges and purchases made with the cryptocurrency will be subject to Japan’s consumption tax, which is set to rise 8% on April 1. Banks and securities firms will be prohibited from handling or brokering trades. 

Japan’s decision is in reaction to the implosion of Tokyo-based Mt. Gox. Once the world’s largest Bitcoin exchange, Mt. Gox has since gone bankrupt after losing nearly half a billion dollars in Bitcoin to cyber thieves.

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