Tax on Japanese cryptocurrency investors!!!!

Japanese cryptocurrency investors have to pay 15-55% on there profits declared on there annual tax filing this year.

The Japanese national tax agency has already declared last year that all the capital gains from the virtual currency will be considered as "miscellaneous income".

The tax on cryptocurrency profits is higher than the around 20 percent tax levied on profits from stocks and foreign currencies, with the higher percentage tax applying to those who earn more than 40 mln yen a year (about $367,600).

Around 40% of bitcoin trading is done against Yen, so country will receive large revenue from taxing cryptocurrency.

The Japanese National Tax Agency is creating a database of cryptocurrency investors, potentially to ensure enforcement of the tax laws, as well as retaining teams in Tokyo and Osaka to watch electronic trading.

Japan had recognized Bitcoin as a legal method of payment back in April 2017, a step towards helping the government prevent unregulated exchanges from hacks and mismanagement like the Mt. Gox meltdown in 2014.