Japanese tax policy Committee held a meeting on simplification of taxation for all crypto operations. Officials came to the conclusion that you need to make effective changes in this segment of the market, to simplify procedures for filing of returns.

The Japanese authorities came to the conclusion that it is necessary to simplify the taxation of cryptocurrency transactions, as the filing of declarations by the citizens becomes time consuming and cumbersome process due to the need to feed the extended version of all documentation.

Officials said that the procedure should be simplified to encourage people to file tax returns and not to go into the shadows of the market.

Yesterday held a Committee hearing tax policy on this issue, and the participants agreed on the opinion about how to change the segment in a better way and to facilitate the taxation of cryptocurrency income.

In the framework of current legislation, citizens must file returns on operations with the sums from 200 thousand yen per year.