In recent years, the number of participants in the hot topic of the NFT market is increasing rapidly. There are cases where salaried workers and civil servants who are interested in NFTs are thinking about investing. So will NFT hit the side business? Is it prohibited?
- Are office workers prohibited from doing side jobs?
- Are civil servants prohibited from doing side jobs?
- The reason why the company finds out
- Is NFT a side job?
- Tax return if annual income exceeds 200,000 yen
- Bybit’s NFT Marketplace
Are office workers prohibited from doing side jobs?
In the case of salaried workers, it depends on how it is described in the company’s employment regulations. It is difficult if “investment” is clearly prohibited, and in many cases it is permitted if it is not stated. However, there is no such thing as lifetime employment in today’s world, and I feel that it is better to quit companies that prohibit it.
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 Other than that, it is still outdated, and there are many companies with old constitutions.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?
Civil servants are the problem here. I will explain the relationship between civil servants and the prohibition of side jobs. In conclusion (in the case of Japan) civil servants are prohibited from doing side jobs in principle. If you want to do it, you need to get permission in advance.
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, I will introduce a case where the company finds out when a company employee secretly earns income from NFT.
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
In addition, there are cases where someone is exposed to someone who is active under their real name. There are also cases where it is taxed.
It may be revealed in the resident tax notification.
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. If you open an account, you can actually enter and trade, so let’s try it.