Japan Eases Tax Burden on Token Issuers

Token issuers in Japan are exempt from paying 30% tax on unrealized gains from coins issued and held on balance. This followed уточнения to the relevant law by the National Tax Agency.

A proposal was submitted in August last year. Four months later, the standing committee of the ruling Liberal Democratic Party approved a relaxation of the tax burden for token issuers. The parliament subsequently adopted a similar measure.

The initiative aims to spur growth in the financial and technology sectors. The current rules have forced entrepreneurs to establish startups in other jurisdictions.

Earlier in 2023, media reported that authorities were prepared to ease regulation of stablecoins by the end of June.

It was reported recently that the Japan Virtual Currency Exchange Association intends to press the FSA to secure an increase in the maximum leverage from 1:2 to at least 1:10.

From June 1 in the country the so-called Travel Rule (Travel Rule) from FATF has come into effect, implying monitoring of crypto transactions for AML.