• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Japanese Government To Ease 30% Crypto Tax Requirement - A Good Move?

Japanese Government To Ease 30% Crypto Tax Requirement – A Good Move?

Ana N. by Ana N.
6 months ago
in Cryptocurrency Market News
Reading Time: 3 mins read

Presently Japanese crypto firms pay a set 30% corporate tax rate on their holdings, regardless of whether or not they made a profit. Due to this stringent tax law over the past years, some local crypto firms reportedly chose to move their business elsewhere.

Related Reading: Solana: This Minor Hiccup Didn’t Discourage Investors From Acquiring SOL – Until Today

This development has impacted the country’s economic growth, and the LDP, having identified it as its primary task, wants to set things right.

The Liberal Democratic Party (LDP) of Japan addresses issues with administrative reform and collaborates with the U.S. to enact defensive and foreign policies.

The term Administrative Reform refers to multiple themes in the nation. An example of such themes is adopting measures like tax reform to stand the test of economic strain.

Japan Set To Ease Stringent Tax Rules

In line with its objectives to promote fast economic growth, the Japanese ruling party’s (LDP) tax committee held a meeting on December 15. The meeting was to deliberate on tax reforms. While at it, they approved an August-tabled proposal. The proposal seeks to remove taxes on crypto companies’ paper gains from issuance or custody tokens.

The Japanese government seeks to ease tax requirements on domestic crypto firms to facilitate the growth of the tech and finance sectors. Submission of more lenient crypto tax laws to parliament will commence in January and will take effect in the next financial year beginning in April.

Japanese Government To Ease 30% Crypto Tax Requirement - A Good Move?
The total Crypto market declines 2.53% | Source: Crypto Total Market Cap on TradingView.com

LDP lawmaker and member of the Web3 policy office, Akihisa Shiozaki, spoke on the recent development in an interview with Bloomberg. Shiozaki noted that the move is a step forward in the economic reforms. He added that it would allow more companies to start token issuance businesses.

Related Reading: Bitcoin Price Crystal Ball – What Happens To BTC After Christmas 2022?

Japan’s Passion For Digital Currency Remains Unfazed Despite Crypto Winter

The new move from the Japanese government suggests it is keen to promote and foster the growth of the domestic crypto and Web3 sector. It also indicates that the current bearish trend in the crypto industry, including FTX’s crisis, did not affect its interest in blockchain technology.

Japanese Prime Minister, Fumio Kishida, hammered on the roles of NFTs, blockchain, and Metaverse in the county’s digital evolution in a statement in October. He cited practical examples using the digitization of national identity cards.

In October, the Japan Virtual and Crypto Assets Exchange Association announced plans to ease the strict screening process for listing tokens on exchanges. Kishida addressed this issue in June, asking the organization to loosen its stringent rules on the screening process.

Some top leaders in the private sector also shared the same thoughts with the Prime Minister. On December 8, Sumitomo Mitsui Financial Group (SMBC) announced an ongoing project to explore use cases of soulbound tokens (SBTs).

SBTs were part of Vitalik Buterin’s, co-founder of Ethereum, proposal to use tokens to represent people’s digital identity.

Tags: cryptojapantax
Tweet123Share196ShareSend
Ana N.

Ana N.

Passionate Writer and Blockchain fanatic.

Related Posts

Raydium RAY Solana

Raydium Prices Shot 30% 2 Weeks Ago Before Plunging, What Happened?

1 hour ago
Chainlink

Chainlink Bulls Must Overcome Key Hurdle For Potential 7% Rally

2 hours ago
THORChain Lending

Can This THORChain New Feature Push Back RUNE Bears?

6 hours ago
Bitcoin (BTC) Liquidity On the Brink As Jane Street Exit Market. Investors Start to Move Utility Token HedgeUp (HDUP) to combat Market Uncertainty. What does this mean for Memes like Dogecoin (DOGE)

Smart Money Buying HedgeUp (HDUP): Winning Formula Nets 300% Gains as Shiba Inu (SHIB) and Polygon (MATIC) Investors Prepare for Downward Trend

7 hours ago
The surge of the Cindicator token (CND): Exploring the 60% growth – Organic expansion or strategic play?

The surge of the Cindicator token (CND): Exploring the 60% growth – Organic expansion or strategic play?

7 hours ago
Alternative Asset Investor Who Turned $2,500 Into $3.1M Says He’s Buying This New Cryptocurrency

Alternative Asset Investor Who Turned $2,500 Into $3.1M Says He’s Buying This New Cryptocurrency

8 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • As Bitcoin Transaction Fees Soar, DigiToads Presale...

    7 hours ago
  • Online Betting Decentralized: Chancer Announces P2P Betting...

    7 hours ago
  • Crypto Aficionados Turn to InQubeta (QUBE) Presale and Gmx...

    11 hours ago
  • Digital Financial Exchange (DIFX) Officially Unveils...

    11 hours ago
  • Hedera, VeChain and ApeCoin among the most lucrative...

    12 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.