How should one account for taxes when exchanging cryptocurrencies with electronic money platforms?

How should one account for taxes when exchanging cryptocurrencies with electronic money platforms?

Global Coin Research focuses on global cryptocurrency happenings. We are delighted to bring you the major happenings from Japan with our partnership with Coinpost, the number one leading cryptocurrency-focused media in Japan.

The Japanese company DeCurrent has launched a direct electronic cash to crypto exchange service. Individuals can use DeCurrent to convert their electronic money into cryptocurrency. DeCurrent is integrated with some of the most common prepaid cash-rechargeable platforms such as Nanaco, auWALLET, Rakuten Edy,.

Most recently, crypto exchange bitFlyer has started a “T point program” service that can exchange its T points for bitcoins, which is also a pioneering effort.

Although it is an initiative that will attract attention with over tens of millions of users, it concerns the CEO of DeCurrent on how retailers will have to handle these virtual currency taxes when exchanging on these popular platforms. For each case, he proceeds to explain the tax treatment in more tail.

Coinpost Source:

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