Moved in recently, started earning (scholarship) in yen. I come from a country with high inflation, so I’m familiar with the tecnology and the principles behind it and want to protect my hard earned money from yen (probable) further devaluation and (less likely) use it for international transfers.
That being said, Japan is a country where many things are highly regulated and “traditions” protected. My questions are: how Japan deals with cryptos tax-wise, and can I legally buy and offer services and goods with cryptos?
(I plan to use an exchange for conversion but store them in my own wallet.)
7 comments
go to r/JapanFinance, read the wiki.
The entire crypto market has devalued by about 60% since the start of the year. The yen has devalued by 20% in the same time when converting to USD. I’m not entirely sure that keeping your money in crypto will protect it from devaluing. In addition, you don’t have to pay capital gains tax on the cash in your bank account.
You want to buy crypto because of… *checks notes*… its stability and resilience against devaluation?
Crypto is not a great idea. The Yen for all it’s pitfalls is still considered a fairly safe place to keep money. While it has gone down some, compared to most of the world it’s still very stable all be it boring as far as investments are concerned.
Since no one is answering i will give it to you. Download and register to bitflyer japan. There you could link your bank account to buy crypto. Other option is coincheck but i personally recommend bitflyer. As i remember you do need to provide valid ids to use it
You realize that FTX has proven the exchanges are worse than ponzi schemes right?
They’re literally unsecured shitcoin where they create their own currency, “borrow” the money from the investors even though they promise not to (because, unregulated), pump the price up so that when the sell off happens you’re stuck with unsecured shitcoins instead of the cash you thought you had right?
At least with a ponzi scheme they’re using some of the people investing to pay the people who’ve already invested, the exchanges are just straight up stealing your money and committing massive fraud.
Literally every exchange is going bankrupt at the moment. The only people doing well are the founders and their friends/family who were warned to cash out before the margin calls started.
There is no reporting of taxes on crypto until you cash out to JPY or USD, etc.
You can buy crypto from [Liquid](https://app.liquid.com/vision)
In Japan you can send JPY to Liquid from SBI’s [Neobank](https://www.netbk.co.jp/contents/)