Are civil servants and office workers prohibited from investing in virtual currencies and NFTs as a side job? If you make profits or income, you need to file a tax return. In recent years, the number of participants in the NFT market has been rapidly increasing. There are cases in which office workers and civil servants who are interested in NFTs are considering investing in them. So, will NFT be considered a side job? Is it prohibited?
Are office workers prohibited from doing side jobs?
For salaried employees, it depends on how the company’s work rules are written. It is difficult if “investment” is clearly prohibited, but if it is not stated, it is often easily permitted, so it is possible. However, there is no such thing as lifetime employment in today’s world, and I feel like it would be better to leave a company that prohibits it as soon as possible. The number of people buying and selling crypto assets is increasing year by year, and there are cases where they are making profits, so it is recommended. However, please be careful of the following cases.
Cases prohibited by work rules
There are many cases where it is prohibited, such as the financial industry and securities companies. These industries are highly regulated. Other than that, it is still outdated, and there are many companies with old constitutions. There are many cases where companies in the countryside are exactly prohibited. However, it is better to change jobs for these companies. It goes against the current trend. Employers do nothing to protect their employees.
Cases not prohibited by work regulations
If it is not prohibited by employment rules, you can freely invest. In Japan, if you earn more than 200,000 yen in a year, you will need to file a tax return. In this case, you can solve the problem by contacting the company. It would be a good idea to consult with the general affairs department.
Are civil servants prohibited from doing side jobs?
Currently, the problem here is civil servants. We will explain the relationship between civil servants and the ban on side jobs. In conclusion (in the case of Japan), civil servants are generally prohibited from having side jobs such as investing in stocks or virtual currencies. If you wish to do so, you will need to obtain permission in advance. Check whether the following points apply to you. If you are okay with it, you can start trading on the app right away. Laws and regulations change regularly, so be sure to check the latest trends frequently.
National Public Service Law Article 103
National civil servants cannot become directors of commercial companies.
National Public Service Law Article 104
National civil servants need permission to receive administrative remuneration
Local Public Service Law Article 38
Local government employees cannot receive remuneration from commercial enterprises
The reason why the company finds out
Next, we will introduce a case where an office worker secretly earns income from NFTs and the company finds out. If you want to start investing towards your dreams, please be careful of the following cases. Of course, once income is generated and determined, tax liability arises. The key is to do it to the extent that it doesn’t interfere with your work at first. Since we are a for-profit organization, we have an obligation to fully concentrate on our duties while working. It is better to remain a company employee until you can consistently earn profits.
Side job under real name
There are cases where it is reported that you have a side job under your real name. For example, this is exactly the case where you post your real name on your own website and get a job.
Via word of mouth
There are also cases where someone is working under their real name and someone else finds out about it. There are also cases where you may be exposed for tax purposes. Basically, when you belong to a company, horizontal connections also emerge. If you make money from art, you may become famous and become known over time, so be careful.
Resident tax
You may be found out in your residence tax notice. Please note that when you earn profits from Bitcoin, it is basically miscellaneous income regardless of the purpose of your business, and you will be subject to income tax. Recently, there have been fewer cases of disciplinary action being taken against people who have been found out, but employees should check their company regulations.
Is NFT a side job?
NFT is not a side job if you just have it. However, if the NFT game earns too much, sells NFT, or earns on an affiliate site on the NFT blog, it is equivalent to a side business. Therefore, there are surprisingly many restrictions, so it is dangerous to start easily. It is safe to think about what to do after confirming with the company.
Tax return if annual income exceeds 200,000 yen
If your annual income exceeds 200,000 yen, you will be required to file a tax return in Japan. The same is true for investment behavior. If your annual income other than your main business exceeds 200,000 yen, you must file a tax return. If you do not file a tax return, you will be subject to penalties. In other words, to put it the other way around, even if you are a public employee, if it is less than 200,000 yen, you will not be able to find out.
Bybit’s NFT Marketplace
Bybit has an NFT marketplace. Once you open an account, you can actually enter and trade, so let’s give it a try. The exchange has tools and content that allow you to accumulate knowledge and study the content, so you can use the basics with confidence. You can invest even from a small amount, so
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