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Japanese government announces date for review of crypto-company tax rules…Details here

Japanese government announces date for review of crypto-company tax rules…Details here

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Answer Japanese government announces date for review of crypto-company tax rules…Details here

The Japanese government has announced that it will begin reviewing crypto-company tax rules and laws from 2023.

Local media reported that the Financial Services Agency (FSA) and the Ministry of Economy, Trade and Industry (METI) will review how to tax companies that use cryptocurrencies to sponsor startups.

The review focuses on crypto startups that issue digital tokens to raise funds that are then used to build businesses.

Regulators say the new system will take into account whether companies that own cryptocurrency will be taxed only when profits are made from sales.

Read:Bitcoin Drops Below $21,000, XTZ Up 8%

They were also told that regulators do not want to hinder the growth of startups and discourage them from operating in Japan.

The report quotes Rakuten Group Chairman and Chairman Hiroshi Mikitani, who noted that crypto companies are moving to places other than Japan because it is foolish to start a business in Japan.

Many crypto companies operate from countries like Singapore and UAE due to more favorable regulations.

Representative and Liberal Democratic Party member Taira Masaki also acknowledged the new development and tweeted about it.

Cryptocurrency advocates in Japan have called for tax cuts in July 2022 to stem the talent drain that Mikitani was referring to.

Currently, Japan has imposed a 30% corporate tax on cryptocurrencies, and they believe this will lead to a brain drain in the country.

Those who called for the changes also said Japan was not an easy place to do crypto-related business.

Read:A technical error allows a hacker to transfer more than two million EOS cryptocurrencies

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