JAKARTA - Japan's National Tax Agency has changed its approach to taxation of crypto assets issued by companies dealing with the country's nascent asset class. The new crypto tax rules are expected to make it easier for companies linked to cryptocurrencies to do business in Japan.
According to a Coinpost report, unrealized profits from cryptocurrencies issued by companies will no longer be taxed. Previously, companies holding cryptocurrencies had to pay taxes on profits that had not been realized by the end of the tax year, which became an expensive burden for many companies in Japan. In addition, the company's original token assessment in market assessment will also not be taken into account.
This move is expected to remove the pressure felt by the company and open up opportunities for Japan to become a growing center of digital assets. Flexibility in crypto-related tax policies is one of the factors that attracts companies with high growth to operate in the country.
Crypto taxes are a global issue that has received attention from many countries. Although laws governing crypto taxes vary, virtual asset service providers in various countries cannot avoid tax obligations. For example, India sets a tax of around 28 percent for crypto transactions, while tax authorities in the US, Europe, and Australia use new tracking systems to prevent tax evasion in crypto trading and investments in general.
Changes to crypto tax rules in Japan can provide an impetus for the growth of the crypto industry in the country, as well as an example for other countries in adjusting tax policies related to digital assets.
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