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Japan’s Regulator Plans to Scrap ‘Unrealized Gains’ Tax on Crypto
Japan’s financial regulator, the Financial Services Agency (FSA), has unveiled a groundbreaking proposal that could reshape the country’s crypto taxation landscape. On August 31, 2023, the FSA presented its plan to revise the tax code concerning digital assets, with the most prominent change being the potential elimination of the “unrealized gains” tax on cryptocurrencies.
The primary purpose of the proposal revolves around relieving domestic companies of the annual tax burden linked to unrealized gains on their digital asset holdings. Unlike some countries where cryptocurrencies are taxed only upon conversion to fiat currency or sale, Japanese firms currently face taxes on the appreciation of their digital assets, regardless of whether they are converted.
Japan’s Proposed Crypto Tax Reform Gains Support
According to the 16-page document submitted last week, the Japanese financial regulator st
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