Japanese Finance Minister Says Blockchain Has Great Potential in Fintech

Asia Blockchain Review
June 1, 2019

Japanese Deputy Prime Minister and Finance Minister Taro Aso recently said at a Senate Committee on Finance that blockchain used for crypto assets has great possibilities in fields such as financial technology.

This is in contrast to comments made in June of last year, when he said the future of cryptocurrencies and blockchain was still uncertain.

According to CoinNess, when asked what he thought about the taxation system for cryptocurrency assets, the finance minister said blockchain technology can help developers ensure the safety of technology, while providing better security for investors’ accounts. It was also important for various entities to continue improving their applications.

On the matter of tax treatment, however, the classification of income categories has been based on the nature of income, rather than being determined by specific policy judgments.

Aso further noted that the taxing process of stock investment will to a certain extent weaken the redistribution function of income tax, but it is based on the savings investment policy requirement of supporting family investment.

He said it is therefore challenging to deal with crypto assets and stock investments in the same manner for the current period.

As reported by Cointelegraph in April, Aso had urged the reporters to stop using the term “virtual currencies” and instead adopt the newly-proposed “crypto assets” label.

The minister’s insistence on the new term followed approval by Japan’s cabinet of draft amendments to the country’s  financial instruments and payment services laws, which in March established a legal name change for cryptocurrencies as “crypto assets,” which had formerly been designated in Japan as “virtual currencies.”

Source: www.coinness.com

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