Japanese lawmakers have been discussing plans to exempt businesses from paying tax on unrealized gains from cryptocurrencies. The exemption proposal would take into consideration mark-to-market valuations at the end of the fiscal year and apply to Japanese companies which hold digital assets for purposes other than short-term trading, including invest VC, non-fungible token businesses, blockchain firms, and crypto issuers. The proposal, set to be included in the fiscal 2024 tax reform plan, has been welcomed by some of the biggest businesses in Japan who have requested the government to reduce tax rates in order to promote the growth of cryptocurrency and blockchain businesses. The reform is being viewed as a positive step to attract developers, businesses and startups as many had left the country previously due to the heavy tax burden.



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