Topic: Bitcoin becomes 100% unregulated in Japan!!! - page 4. (Read 3976 times)
does this mean anything for the mtgox trial?
So with no ownership over bitcoin, I'd expect cryptocurrencies to never be widespread in Japan. Then again, we don't know hoe valid this order is and how seriously is going to be regarded.
The only thing you need to own a bitcoin is to hold the private key. The government cannot do anything to change that basic fact.
http://www.coindesk.com/tokyo-court-bitcoin-not-subject-to-ownership-2/
This is quite awesome. Set up exchanges, set up payment processors, set up whatever you want with Bitcoin in Japan. It is not covered under the law.
Quote
Judge Masumi Kurachi ruled that, due to their intangible nature and reliance on third parties, bitcoins cannot be covered under existing law.
This is quite awesome. Set up exchanges, set up payment processors, set up whatever you want with Bitcoin in Japan. It is not covered under the law.
Does this mean all bitcoin activity is untaxable? If so I can see lots of people taking advantage of that loophole. Surely Japan have fucked themselves over here?
So with no ownership over bitcoin, I'd expect cryptocurrencies to never be widespread in Japan. Then again, we don't know hoe valid this order is and how seriously is going to be regarded.
Can someone explain what he means by "reliance on third parties"? Is he referring to the fact that bitcoin requires nodes and miners in order to transact? Or is he pointing out that most people use 3rd party wallet providers?
http://www.coindesk.com/tokyo-court-bitcoin-not-subject-to-ownership-2/
This is quite awesome. Set up exchanges, set up payment processors, set up whatever you want with Bitcoin in Japan. It is not covered under the law.
Quote
Judge Masumi Kurachi ruled that, due to their intangible nature and reliance on third parties, bitcoins cannot be covered under existing law.
This is quite awesome. Set up exchanges, set up payment processors, set up whatever you want with Bitcoin in Japan. It is not covered under the law.
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