Could we see global cryptocurrency tax regulations at the next G20?
At the G20 summit in Argentina this week, members again established the importance of addressing cryptocurrency regulations. This time, cross-border taxation is the main issue of concern.
An article released by El Periodico describes plans by members of G20 to eventually introduce a taxation plan focused on cryptocurrencies. The idea was first brought forward by the Japanese officials after describing tax loopholes in their country. For instance, according to the Japanese law, any companies that do “not have a factory or other base in Japan” are not required by the government to pay taxes.
France’s Minister of the Economy and Finance, Bruno Le Maire, also outlined the importance of addressing cryptocurrency issues as soon as possible. Now that Japan has also displayed a desire to speak further on the issue, we can most likely expect more discussions on global cryptocurrency regulation in the future. Additionally, the fact that Japan has established a self-regulatory body for the cryptocurrency industry this past October might lead to more counties adopting similar policies in the future, experts say.