Token Issuers in Japan No corporate tax will be payable on capital gains. cryptocurrency which has not actually happened any morego followAmendments to the law by the National Tax Agency on June 20
The tax exemption came into effect nearly six months after the Japanese government approved a proposal that would remove the requirement for crypto companies to pay taxes on “unrealized profits” on tokens they issue and hold.
The legislature in Japan has been discussing new crypto tax rules since last August. It’s part of broader tax reform for 2023, but the tax authority just gave final approval this week. which under the new rules Japanese companies issuing tokens are exempt from 30% corporate tax on their holdings. Before this law Even unrealized gains are taxable.
cryptocurrency industry In Japan, there has been a significant change recently since June 1, with the country enforcing stricter anti-money laundering (AML) measures to track cryptocurrency transactions in order to align with Japan’s legal framework against crypto rules. Worldwide and lawmakers amended the AML law in December after it was found to be inadequate by the Financial Action Task Force (FATF).
in June last year The government has enacted a law prohibiting the issuance of stablecoins by non-banking institutions. The draft law was introduced a few weeks ago. It stipulates that the issuance of stablecoins in the country is restricted to authorized banks, registered money transfer agents, and trust companies.
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