In general, investment can be a side business or a side income. However, if it is a salaried worker, there is no problem if it is not stated in the work regulations. In the case of civil servants, there is an image that there are many restrictions as follows. Are civil servants prohibited from investing?
- Public servant invests in cryptocurrency
- Do civil servants have to file tax returns?
- Virtual currency is recommended for civil servants
- Precautions for civil servants to invest in cryptocurrencies
- Open an account
Public servant invests in cryptocurrency
It is said that it is not a side job for Japanese public officials to invest in cryptocurrencies. Asset management in virtual currency itself is not illegal. In addition, when investing, as a public servant, we have an obligation to perform our duties properly. It goes without saying, but if you just look at charts while working, you won’t be able to complete your work at all. If you invest too much and it hurts your work, you risk getting laid off, so it’s going to hurt you in moderation. If you do it, you can’t do it without a declaration. You are obliged to report to your superiors.
Articles 103 and 104 of the National Public Service Law
In the case of national civil servants, it is prohibited to do it without declaration when it comes to side jobs. If you do, you must report it to your supervisor. If you ignore it, you run the risk of being fired.
Article 103 (Isolation from private enterprises)
Article 103 of the National Public Service Law Employees shall not concurrently serve as officers, advisors, or councilors of a company or other organization that aims to operate a commercial, industrial, or financial business or other profit-oriented private enterprise (hereinafter referred to as a profit-making enterprise), or operate a profit-making enterprise themselves.
Article 104 (Restrictions on Involvement in Other Businesses or Affairs)国家公務員法 | e-Gov法令検索
Article 104 of the National Public Service Law.. In order for employees to receive remuneration, (omitted) to engage in any other business or to carry out clerical work, the permission of the Prime Minister and the head of the agency having jurisdiction over the employee is required.
Local Public Service Law Article 38
In the case of local government employees, it is prohibited to do it without declaration when it comes to side jobs. If you do, you must report it to your supervisor. If you ignore it, you run the risk of being fired.
Article 38 (Restrictions on Engagement, Etc. with Commercial Companies)地方公務員法 | e-Gov法令検索
Article 38 of the Local Public Service Law Employees shall not (omitted) operate a profit-making enterprise or engage in any business or clerical work for remuneration without obtaining permission from the appointing authority. (Omitted)
Do civil servants have to file tax returns?
Japanese public officials are not legally prohibited from investing in cryptocurrencies. But you have to file an affidavit. This point is exactly the same as that of the general public. Virtual currency investment is miscellaneous income, and if the annual income exceeds 200,000 yen, even public employees are required to file a tax return. If you set the resident tax payment method to special collection at the time of final tax return, there is a possibility that your workplace will find out due to the difference in the amount of resident tax paid in the previous year. If you don’t want to be found out at work, set the resident tax payment method to “ordinary collection” when filing your tax return.
Virtual currency is recommended for civil servants
Virtual currency is a recommended investment for civil servants. Virtual currency is not only leverage trading like FX. There is also staking where you just deposit your money. With staking, you don’t have to look at the charts one by one, so you can rest assured even at work. However, since it is an investment, there is no guarantee that it will be 100% profitable.
Precautions for civil servants to invest in cryptocurrencies
There is also a point to be aware of when public servants invest in cryptocurrencies, because unlike private citizens, it is a tough job. Civil servants are obligated to dedicate themselves to their duties, to maintain confidentiality, and to prohibit acts that undermine public trust. Civil servants are a highly socially trusted profession, so it is important not to pursue debts and not to interfere with your duties by trading all the time at work. If you have problems with debts, etc., it will also be a disadvantage because your personal credit will be flawed.
Open an account
In order to actually start investing, you must first open an account. MEXC allows you to open an account for free, so you can easily open an account. The article below explains how to open an account, so please refer to it.