Token issuers in Japan exempt from 30% crypto tax on paper gains
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Token issuers in Japan no longer have to pay corporate taxes on unrealized cryptocurrency gains, according to a law revision by the National Tax Agency on June 20. The tax exemption goes into effect nearly six months after the Japanese government approved a proposal eliminating the requirement for crypto firms to pay taxes on paper gains on tokens they issued and held. Legislators in Japan have been discussing new crypto tax rules since last August as part of a broader tax reform for 2023, but the tax authority has only given the final approval this week. Under the new rules,
Yuichiro Tamaki, leader of Japan’s Democratic Party for the People (DPP), has proposed a crypto tax reform to support the growth of a token economy, including Web3 and NFTs if he wins the election. His plan would lower the taxation on crypto gains to a 20% separate declaration tax instead…
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