Japan Blockchain Association requests crypto tax revision: CoinPost

Quick Take

  • The Japan Blockchain Association wants the country’s government to revise the crypto tax system.
  • JBA claims that the current tax system is hindering the growth of web3 businesses in Japan.

The Japan Blockchain Association has reportedly requested the country's government revise the tax system to accommodate crypto.

JBA claimed that its review of the current tax system indicates that the growth of web3 business in Japan is hindered.

Specifically, it requested the tax on personal transactions be set to a flat rate of 20%, and taxes on profits stemming from crypto transactions be canceled, according to CoinPost.

Statistics from the Japan Crypto Asset Exchange Association indicate that, as of April 2023, roughly 6.8 million crypto accounts were opened — and JBA believes, based on a questionnaire, that investment would increase if taxation was amended.

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