Japan’s crypto groups call for end of taxing paper gains
Danny Talwar from crypto tax platform Koinly said Japan’s regulatory environment makes it difficult for businesses and individual investors to hold digital assets in Japan. Japan’s leading crypto lobby groups plan to submit a proposal to Japan’s financial regulatory body to address its high crypto taxes, which experts warn make Japan less competitive as a crypto hub. According to an internal memo seen by Bloomberg, the proposal will be submitted to Japan’s Financial Services Agency (FSA) this week, asking them to put an end to taxing unrealized gains on crypto holdings “if the firm owns....
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The proposal calls for a separate 20% tax on crypto earnings and exemptions of any tax on crypto gains, with losses carried forward for up to three years. The Japan Crypto-Asset Business Association (JCBA) and the Japan Crypto-Asset Exchange Association (JVCEA), the two prominent crypto advocacy groups in Japan, released a tax reform request that calls for lowering taxes for individual investors on crypto earnings. The fiscal 2023 tax reform request addressed key issues that the advocacy groups believe act as a hindrance to crypto adoption in the country. The proposal focused on the need....
According to Fumio Kishida, the government of Japan's investment in digital transformation included issuing NFTs to local authorities using digital solutions. Fumio Kishida, the prime minister of Japan since 2021, has said the government will be making efforts to promote Web3 services, including those dealing with nonfungible tokens, or NFTs, and the Metaverse.In an Oct. 3 speech before Japan’s National Diet, Kishida said the government’s investment in the country’s digital transformation already included issuing NFTs to local authorities using digital technology to solve challenges in....
Japan’s crypto lobby groups are insisting on lowering the current tax rates as it might be hindering the industry growth. Lowering the tax rates would eventually help to retain talent in the crypto industry. Specifically two of the top crypto lobbying groups, the Japan Cryptoasset Business Association and the Japan Virtual and Crypto assets Exchange […]
The Israeli government is considering taxing profits on bitcoin, said an Israeli paper this week. Business paper Globes reported that the Israel Tax Authority is mulling the prospect, believing that people who make profits from bitcoin owe taxes. "We cannot ignore this phenomenon which one way or another involves financial transactions and therefore we are examining its importance," an Israel Tax Authority source was quoted as saying. But a model for taxing profits was unclear, given that the country has not yet recognized bitcoin as an official currency, said Globes. Jonathan Rouach, CEO....
The small Iberian nation is set to reverse a long-standing tax law that excluded crypto gains on the grounds that they are not legal tender. To the chagrin of many Golden Visa seekers, Portuguese Finance Minister Fernando Medina has confirmed that his country will begin taxing cryptocurrency but has not committed to a date.The move to start taxing crypto was seconded by Secretary of State for Tax Affairs António Mendonça Mendes on May 13 according to Sapo, a local news outlet.There is not yet an effective date for the tax to start or a set rate, however. It will be levied on investment....