Officially Japan Plans to Overhaul Tax System to Prevent Crypto Startups From Going Overseas

Japan’s Financial Services Agency and the Ministry of Economy, Trade and Industry decided to discuss and review the collection method of corporate tax in encrypted assets (virtual currencies) issued by companies in the tax reform in fiscal year 2023, in order to facilitate the development of start-ups. In the new mechanism discussed by the Financial Services Agency, the cryptocurrencies issued and held by companies may not be subject to taxation at the end of the period, and will be taxed when profits are generated from sales. The move is aimed at reducing the burden on startups and preventing promising startups from relocating overseas.
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