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 <p class="is-style-lead">The Japan Blockchain Association (JBA) has reportedly&nbsp;requested&nbsp;Prime Minister Fumio Kishida to revise the nation’s tax <a rel="noopener noreferrer nofollow" title="system" href="https://thebittimes.com/tag/system.html">system</a> concerning <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> assets.</p> 
 <p>The JBA has put forward three main changes to promote the expansion of the crypto industry and make it more accessible to individuals.&nbsp;</p> 
 <p>Top of the list, the association recommends doing away with year-end unrealized gains taxation on tokens issued by third parties.&nbsp;</p> 
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 <p>The lobby group also wants the JBA to bring in separate taxation for individual <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> asset transactions and set a consistent % tax rate of 20%.&nbsp;</p> 
 <p>JBA further proposes eliminating income tax on earnings from crypto asset exchanges.</p> 
 <p>In their assessment, accepting these <a rel="noopener noreferrer nofollow" title="reforms" href="https://thebittimes.com/tag/reforms.html">reforms</a> would create a favorable environment for businesses venturing into web3 and simplify <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> asset ownership and usage for the general public.</p> 
 <p>The JBA’s move aligns with an increasing interest from <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> firms from across the globe. Binance, the largest <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchange by trading volume, has already expressed interest in expanding its presence in Japan.</p> 
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 <p>Overall, the Japanese government is receptive to crypto and blockchain. Measures such as establishing a dedicated unit for crypto regulation, lenient guidelines for crypto exchanges, and plans to support blockchain development indicate their increasing openness to these innovations.&nbsp;</p> 
 <p>Therefore, JBA’s proposal for tax reforms further reinforces this trend, potentially making Japan an attractive destination for crypto firms and investors.</p> 
 <p>Japan’s taxation of crypto assets is relatively complex, treating them as assets for tax purposes. Any profits or losses from crypto asset sales or exchanges are subject to capital gains tax.</p> 
 <p>Currently, Bitcoin is considered a commodity in the United States, and any capital gains recorded are taxed.&nbsp;</p> 
 <p>The SEC has listed several assets, including Cardano (ADA), as examples of unregistered securities in their lawsuit against Coinbase and Binance. However, representatives from both platforms have denied these allegations.</p> 
 <p>The European Parliament approved the Markets in Crypto-Assets (MiCA) regulation in H1 2023 and is scheduled to take effect in 2024. MiCA intends to create a complete regulatory structure for crypto assets in the EU.</p> 
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JBA proposes tax reforms to empower Japan’s crypto ecosystem

TheBitTimes

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