Token issuers in Japan are no longer required to pay corporate taxes on unrealized crypto gains.
Token issuers in Japan no longer have to pay corporate taxes on unrealized cryptocurrency gains,The tax exemption goes into effect nearly six months after the Japanese governmentLegislators in Japan have beensince last August as part of a broader tax reform for 2023, but the tax authority has only given the final approval this week. Under the new rules, Japanese firms issuing tokens are exempt from paying a set 30% corporate tax rate on their holdings.
The cryptocurrency industry in Japan has been undergoing significant changes lately. Since June 1, the country has been to trace cryptocurrency transactions to align Japan's legal framework with global crypto rules. Lawmakers revised the AML legislation in December after it was found to be insufficient by the Financial Action Task Force .by non-banking institutions. The bill — implemented just a few weeks ago — stipulates that stablecoin issuance in the country is limited to licensed banks, registered money transfer agents and trust companies.
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