The Japan Blockchain Association (JBA), on July 27, formally submitted a petition to the authorities asking them to review and slash the taxes on crypto assets. According to the JBA, led by Yuzo Kano of bitFlyer Inc., the taxation system for crypto-assets is one of the “biggest barrier” for companies to run Web3-related businesses and the active holding of digital assets by the public, and as such, reviewing this taxation system can promote increased Web3 participation in the country.
“We hope that Japan will be recognized both domestically and internationally as a web3 advanced country, and that the economic sphere of her web3, which is a new industry, will expand and contribute greatly to the future growth of the Japanese economy, which is under pressure to change.” JBA’s statement read.
JBA’s Specific Requests
The JBA had three specific requests as part of its petition to the government. The first was to eliminate year-end unrealized gain taxation on companies holding
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