This Cryptocurrency Is a Favorite of Billionaire Investors, and Here's Why
It's not just the future upside potential of Bitcoin that is attracting billionaire investors.
It's not just the future upside potential of Bitcoin that is attracting billionaire investors.
(Bloomberg) -- Bitcoin flirted with a one-month low amid a wider retreat from riskier investments in global markets due to fears about the economic outlook.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe largest digital asset slid more than 4% at one point on Wednesday before paring a part of the decline to change hands at $56,318 as of 7:15 a.m. in London. Most other major tokens such as Ether also nursed los
According to Cointelegraph, Japan’s Financial Services Agency (FSA) has unveiled plans for a comprehensive overhaul of the tax code for the fiscal year 2025, which includes provisions for crypto assets that could potentially lower their tax rates. In an August 30 request for tax reform, the FSA emphasized the need to treat crypto assets similarly to traditional financial assets that can be invested in by the public.Source: MartyPartyThe FSA stated, “Regarding the tax treatment of cryptocurrency transactions, cryptocurrency should be treated as a financial asset that should be an investment target for the public. It is necessary to consider this issue from the perspective of whether it should be treated as such.” Currently, crypto profits in Japan are taxed as miscellaneous income at rates ranging from 15% to 55%, with the highest rate applying to earnings over $1,377 (200,000 Japanese yen), depending on the individual’s income tax bracket. In contrast, profits from stock trading are taxed at a maximum rate of 20%. Corporate crypto holders face a flat 30% tax rate on their holdings at the end of the financial year, regardless of whether they have made a profit through a sale.Government ministries submit tax reform requests to the ruling party, which then forwards them to a tax system research committee and the national legislature for consideration. The reform must be approved by both houses of the Japanese government — the House of Representatives and the House of Councilors — to be enacted into law. Advocates of the crypto industry in Japan have been lobbying for a revision of the national tax regime for digital assets for several years. The Japan Blockchain Association (JBA), a pro-crypto lobbying group, formally requested the government in 2023 to lower the tax rate on crypto assets. On July 19, the group also submitted a request for tax reform on crypto assets for the 2025 financial year to foster further growth in the nation’s crypto sector. Among its proposals was a flat 20% tax rate for crypto and a three-year loss carryover deduction. Despite these efforts, the requests have so far failed to result in any policy changes for the industry in Japan.
BTC traded lower as weak U.S. manufacturing data revived growth concerns.
-- Most Asian currencies moved little on Tuesday and the dollar steadied in anticipation of key U.S. inflation data due later this week, while the Japanese yen moved...
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Four team members listed in World Liberty Financial's white paper previously worked on Dough Finance, which was drained of $2 million in July. One also founded Date Hotter Girls LLC.
Bitcoin could fall to as low as somewhere in the $40,000-$50,000 range following a September Fed rate cut in a bearish scenario, Bitfinex said in a report.
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