Video Digest, May 9: Azerbaijan Will Subject a Tax on Cryptocurrency Net Sales, Japan Has Announced New Five-Point Regulations for Cryptocurrency Exchanges

May 09, 2018 at 13:52 // News
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Coin Idol

Coin Idol TV News channel broadcasting a new video digest on May 9. Today in our digest: Azerbaijan will subject a tax on cryptocurrency net sales, Japan has announced new five-point regulations for cryptocurrency exchanges.

Azerbaijan Will Subject a Tax on Cryptocurrency Net Sales

All generated revenues from cryptocurrency operations will be taxed in Azerbaijan, said Nidjat Imanov, Deputy Director of the Department of Tax Policy and Strategic Studies at the Ministry of Taxes.

Very swift growth on the market was experienced from May to December 2017 and according to the experts, purchase and sale of cryptocurrency is one of the popular ways for earning money on Azerbaijan's cryptocurrency market. Elnur Guliyev, director and founder of a crypto consulting company said that one could gain by even investing $10 in whichever cryptocurrency.

Japan Has Announced New Five-Point Regulations for Cryptocurrency Exchanges

Taking into account recent crypto coin robberies, Financial Services Agency (FSA) of Japan has decided to put tougher regulations on crypto exchanges, as Nikkei Asian Review reported on May 6. The financial institution has presented five strict guidelines which legitimize digital currency transaction on the country’s financial market.

The rules will come into power when the FSA restarts accepting new registration applications. The event is expected to happen already this summer.