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G20 takes initial steps towards international cryptocurrency taxation

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The G20 nations have called for taxation on cryptocurrency, along with tightening the grip on money laundering and its regulatory status, reports the Japanese media outlet Jiji.cpm on December 2.

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As per Jiji.com, the final document delivered in text format by G20 leaders calls for “a taxation system for cross-border electronic payment services.”

Going into specification the document state that under the current legal framework, foreign companies that don’t have a local factory or any other base in Japan can’t be taxed by the local authority. The report also mentions that the G20 leaders are seeking to “build a taxation system for cross-border electronic system.”

The member states of G20 gathered this weekend in Buenos Aires, Argentina. They are reportedly at work on the system and “will consider the issue during 2019 when Japan will be the president of the summit.” Reportedly, the final version of the regulations is expected to come into effect by 2020 after each member state considers the proposal.

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Last October, the CEO of Circle, a cryptocurrency investment app called for “normalization of the G20 level” of the cryptocurrency industry.

This year in July, Bruno Le Maire, finance minister of France also called on the G20 to have a debate on the public level on cryptocurrencies this weekend, saying that leaders will “have a discussion altogether on the question of Bitcoin (BTC)” since “there is evident risk of speculation.” concluding that France needs to “examine this with other G20 members” to see how “we can regulate Bitcoin.”

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