The Japan Blockchain Association (JBA) has made a request to Prime Minister Fumio Kishida to modify the country's tax system concerning cryptocurrencies. The association has proposed three key changes aimed at fostering the growth of the crypto industry and increasing accessibility to individual investors.
Firstly, the JBA suggests eliminating year-end unrealized gains taxation on tokens issued by third parties. Secondly, they recommend introducing separate taxation for individual crypto asset transactions with a consistent tax rate of 20%. Lastly, the JBA proposes doing away with income tax on earnings from crypto asset exchanges.
The adoption of these reforms, according to the JBA's assessment, would create a favorable business environment for web3 ventures and make crypto asset ownership and usage simpler for the general
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First found on: Japan Blockchain Association Proposes Tax Reforms to Boost Crypto Industry and Attract Global Firms
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