Bank AI

Read

<div class="cryptonews"> 
 <p class="is-style-lead">Japan is set to introduce a new taxation regime for companies that hold cryptocurrencies on their balance sheets for a long-term.</p> 
 <p>Japan‘s policymakers in the Liberal Democratic Party and ruling coalition partner Komeito are weighing to bring a new proposal that would exempt businesses from paying taxes on unrealized crypto gains. However, the change would only apply to those companies who are long-term holders.</p> 
 <p>According to a report from Nikkei Asia, companies in Japan are required to pay <a rel="dofollow" title="corporate" href="https://thebittimes.com/tag/corporate.html">corporate</a> taxes on their <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="dofollow" title="holdings" href="https://thebittimes.com/tag/holdings.html">holdings</a> based on valuations at the end of each fiscal year. With the new changes, which are expected to be included in the ruling coalition’s fiscal 2024 tax reform plan, Japan seemingly wants to bring more liquidity from the market as other Asian regions have also doubled down on their efforts to become “<a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> hubs.”</p> 
 <p>The report says that ruling coalition policymakers have also confirmed a proposal to change how foreign visitors are taxed for <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> purchases in Japan. However, details of this proposal are yet to be clear in 2024.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Osaka Digital Exchange to launch trading of Japan’s first digital securities 
 </div> 
 <p>Meanwhile, Japan is set to launch its first yen-pegged digital currency for clean energy settlements in 2024 as the digitization of economies races ahead. </p> 
 <p>Japanese internet bank GMO Aozora Net Bank is said to issue the yen-pegged digital currency — backed by bank deposits — under the ticker DCJPY by July 2024. The turnover of DCJPY will be made using a blockchain network developed by DeCurret, a Japan-licensed <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency exchange acquired by Amber Group in early 2021.</p> 
 <p>Initially, it is planned that telecommunication firm Internet Initiative Japan will use the digital currency for settlement of clean energy certificates. However, DeCurret reportedly also discussed with other Japanese giants, such as Mitsubishi UFJ Financial Group Inc, to tap the technology.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Nearly 50% of crypto investigations in 2022 involved tax issues, IRS says 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/japan-mulls-new-crypto-taxation-regime-for-corporate-crypto-holdings-tbt72755.html">https://thebittimes.com/japan-mulls-new-crypto-taxation-regime-for-corporate-crypto-holdings-tbt72755.html</a></p>

Japan mulls new crypto taxation regime for corporate crypto holdings

TheBitTimes

Other articles published on Dec 6, 2023

Binance Announces Compensation For Traders Who Bought AEUR Stablecoin During 200% Surge

Millions in Ethereum Moved by Bankrupt Firms

Is it too late to invest in Ethereum?

Ripple (XRP) Could Offer Life-Changing Gains If This Indicator Confirms Tomorrow; Analyst

Singapore Blockchain Festival and Traders Fair 2024: A Global Celebration of Finance, Innovation,...

Ault Alliance’s Subsidiary, Sentinum, Announces 133 Bitcoin Mined in November 2023 with a Current...

Join our free newsletter for daily crypto updates!