Japan exempts cryptocurrency issuers from 30% tax on unrealized gains – Crypto News – Crypto News
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Japan exempts cryptocurrency issuers from 30% tax on unrealized gains – Crypto News

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Cryptocurrency issuers in Japan are now exempt from paying a 30% corporate tax on unrealized gains on tokens under a June 20 Revision to the law by the National Tax Agency.

See related articles: MUFG enables bank-backed stablecoin issuance amid new Japanese regulations

Fast facts

  • The tax change comes as Japanese authorities push initiatives to promote its blockchain and crypto sector.
  • Prime Minister Fumio Kishida supports digital finance and blockchain adoption in Japan to reinvigorate the economy in what he has more broadly called “new capitalism.”
  • However, cryptocurrency investors are still subject to a maximum 55% income tax on crypto-related earnings over 200,000 Japanese yen (US$1,400) which is classified as “miscellaneous income.”
  • Japan Virtual & Crypto Assets Exchange Association, the country’s lobby group for the crypto industry, is requesting regulators to also relax crypto margin trading limits, Bloomberg reported last week.
  • Mitsubishi UFJ Financial Group Inc. (MUFG), the largest bank in Japan, is also reportedly in talks with various global cryptocurrency companies about issuing stablecoins.
  • Earlier this month, MUFG declared details on its Progmat Coin blockchain-based platform to enable local banks to launch stablecoins and digital assets.

See related articles: How Japan is illuminating the path of blockchain’s future: Opinion

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