On Jul 01 , Japan passed a bill and made bitcoins free from all taxes. Although Japan accounts for only 16% of the overall trade , we can expect growth in demand and prices simultaneously.
Japan’s tax reform bill which officially eliminated consumption tax on the sale of Bitcoin came into effect on July 1. Bitcoin trading activities are expected to rise in Japan following the activation of the bill.
In a report entitled “Japan: Inbound Tax Alert, 2017 Tax Reform Proposals,” Deloitte previously revealed that virtual currencies including Bitcoin were set to be exempt from the eight percent consumption tax in Japan.