Hey guys. Exciting news from Japan! The government is moving forward with a tax reform that could exempt firms from paying taxes on “unrealized gains” from cryptocurrency holdings.
This change, set to potentially start from April 1, 2024, means corporations will only be taxed on profits from the sale of cryptocurrencies, aligning with the current tax laws for retail investors in Japan.
This reform could encourage more companies to venture into Web3-related endeavors in Japan. However, it’s worth noting that cryptocurrency-related tax violations have increased in 2022.
Here’s a tweet explaining the situation:
https://twitter.com/riddle245/status/1738962870488985944
This could be hugely beneficial to the entire crypto market if it actually passes the Japanese national legislature.