Japan to consider tax relief for crypto startups

FSA and the Ministry of Economy, Trade and Industry of Japan are considering a proposal for the 2023 tax reform. Among the options is a tax exemption for crypto startups issuing their own tokens from taxes on unrealised gains.

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«暗号資産»課税見直しへ…新興企業の成長に配慮、海外流出防ぐ : 読売新聞オンライン https://t.co/t2V4caakdT

— 平将明（たいらまさあき/Taira Masaaki） (@TAIRAMASAAKI) August 24, 2022

The initiative is aimed at preventing domestic companies from relocating abroad.

«Most are moving to Singapore because it’s foolish to base a company in Japan», said Hiroshi Mikitani, chairman of the board and president of Rakuten Group, in an interview with Crypto.News.

The agencies will also consider a joint initiative by the Japan Crypto-Asset Business Association and the Japan Crypto-Asset Exchange Association. Earlier, the organisations proposed lowering the capital gains tax rate for retail investors from 55% to 20%.

In June, Japan’s parliament passed a bill recognised stablecoins as digital money.

Earlier, the FSA pledged to create operating rules for stablecoin issuers. 

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