The proposal will be submitted to Japan’s Financial Services Agency this week, asking them to put an end to taxing unrealized gains on crypto holdings “if the firm owns them for purposes other than short-term trades.”
Japan’s leading crypto lobby groups plan to submit a proposal to Japan’s financial regulatory body to address its high crypto taxes, which experts warn make Japan less competitive as a crypto hub.to Japan’s Financial Services Agency this week, asking them to put an end to taxing unrealized gains on crypto holdings “if the firm owns them for purposes other than short-term trades.”
“The high crypto tax rates make Japan less competitive on the international front compared to countries like Singapore and Dubai, which are increasingly becoming digital asset hubs for business.” As for regulation, Talwar acknowledged that “it should not stifle innovation in this fast-growing industry.” But, before doing so, it is important that lawmakers have a clear understanding of how the taxation of digital assets fits within the current tax regimes and regulatory frameworks, he said.
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