The Financial Services Agency (FSA) of Japan has proposed to change the tax code in regard to digital assets. The most notable suggestion is to free domestic firms from the end-of-the-year “unrealized gains” tax on crypto. The amendment, proposed by the FSA, has the potential to be effected, as the Agency states that the Ministry of Economy, Trade, and Industry has already supported its initiative. This reform is intended to “improve the environment for the promotion of Web3 and promote business startups that make use of blockchain technology.” The Japan Blockchain Association (JBA) has asked the government of Japan to make three major changes in regard to crypto regulation. These include eliminating the year-end unrealized gains tax on corporations holding crypto assets, switching from personal crypto asset trading profits taxation to self-assessment separate taxation with a uniform tax rate of 20%, and eliminating income tax on the profits generated each time an individual exchanges crypto assets.

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Information	Details
Geography	Asia
Countries	🇯🇵
Sentiment	neutral
Relevance Score	9
People	Trade, and Industry, Japan Blockchain Association, Financial Services Agency, None, Ministry of Economy
Companies	Trade, and Industry, experts, Financial Services Agency (FSA), Bitcoin OGs, Ministry of Economy, Japan Blockchain Association (JBA)
Currencies	None
Securities	None