Slot playing fans of Bitcoin will be pleased to learn that to hear that the famously volatile crypto has enjoyed a remarkable recovery in recent days, skyrocketing by as much as 15%. This significant surge in value has ignited excitement and speculation among crypto supporters and stakeholders alike. But it’s quite easy already to play slots with crypto and most players can be thankful for.
Plenty of speculators are now proposing the idea of an incoming bull market for BTC. A bull market is where the price of an asset, in this case the world’s first cryptocurrency, rises continuously, usually by around the 20% mark.
That being said, it’s worth it to understand that Bitcoin is still up against a major uphill battle to break above the $31,000 double top pattern. On top of this, in spite of the carrying out of new tax rules in Japan, BTC faced some burden on Monday due to a mixed market reaction.
What New Japanese Tax Rules Could Mean For BTC
New tax rules in Japan exempt self-issued crypto from unrealised profit taxes creating a favourable environment for cryptocurrency entrepreneurs. Investors have welcomed this regulatory flexibility. The recent “micro” bull market and increased requests for spot Bitcoin Exchange traded funds (ETFs) have driven substantial advances for Bitcoin.
In spite of market volatility, BTC overtook the $30K obstacle to maintain its position just above it. The national tax agency of Japan introduced tax regulations that exempted token issuers from paying corporate taxes on unrealised crypto gains.
These revisions were designed to align with the Japanese government’s previous approval to remove taxes on paper gains for crypto firms that distribute and hold tokens. Discussions about the new crypto tax rules in Japan started back in August last year as part of a wider tax reform to be implemented in 2023. The proposals were recently granted final approval by the tax authority.
Under the new rules, Japanese companies that issue tokens will be made exempt from the regular 30% corporate tax rate on all holdings, which includes unrealised gains. When it comes to BTC, or any crypto for that matter, Japan is widely recognised for having one of the most stringent on Earth.
Favourable Regulatory Measures
The upshot being that favourable regulatory measures, including as mentioned the tax exemptions for token issuers, should generate a positive sentiment among crypto investors and market users. This positive feeling should then create an increase in confidence in Bitcoin and potentially generate higher demand which would ultimately have a positive impact on its price.
All this is, of course, good news for anyone who uses crypto for their online transactions. You can spend BTC online to buy all types of products and services. There are now hundreds of online retailers that accept crypto, which covers everything from video games and watches to apartments, fine art and smart TVs.
Online casinos too increasingly work with all manner of cryptos and internet casinos that offer players a way to gamble using Bitcoin and other cryptocurrencies are booming. Dozens of these websites offer a way to begin gambling quickly.
Crypto is also in the midst of its own boom once again, or so it seems if current predictions play out as expected with companies competing to sell BTCEthereum and a variety of other crypto seeing as online gambling has surged so broadly in recent years. As such, crypto casinos are similarly thriving, allowing players to play Bitcoin slots, poker, roulette and other online casino games.