Japan to Make Changes in Crypto Tax Laws

by in Cryptocurrency News

Japan crypto tax

The Japanese Government revealed it is going to review and make changes in the crypto tax law that are effective for companies in the fiscal year of 2023.

Related: Japan Legalizes Stablecoins

The country's Financial Services Agency and the Ministry of Economy, Trade and Industry (METI) will be exploring how digital asset organizations will use digital assets for driving the growth of startups.

The taxation reform request of 2023 aims to solve key problems that the groups have stated to be hurdles for Japan’s crypto adoption.

Financial regulators had issued the request calling to reduce the tax rates for individual investors on cryptocurrency profits.

According to the document, a 20% tax for individual investors with a possibility to postpone losses for the next 3 years. Currently, Japanese investors pay up to 55% on their cryptocurrency investments.