Fun

News Feed - 2023-08-01 12:08:35

David Attlee8 hours agoJapan Blockchain Association demands tax cuts for cryptoAdvocates of the crypto industry in Japan demand the revision of the national tax regime for digital assets.4775 Total views6 Total sharesListen to article 0:00NewsJoin us on social networksAdvocates of the crypto industry in Japan are demanding a revision of the national tax regime for digital assets. The Japan Blockchain Association (JBA), a non-governmental lobbying group, filed an official request to the country’s government, highlighting three major steps to ease the fiscal burden on crypto holders. 


The request was published on the association’s website on July 28. It calls the taxation of crypto assets the biggest barrier for Web3 businesses in Japan and a factor that prevents citizens from actively owning and using crypto assets. Thus, the group names three major changes that could be made to ease the pressure on the digital economy.


The first one is the elimination of the year-end unrealized gains tax on corporations holding crypto assets. Unrealized profit refers to profits that have occurred on paper but the relevant transactions have not been completed. The JBA seeks to abolish the taxes on unrealized gains in third-party-issued tokens. In June, Japan’s National Tax Agency relieved local firms from taxation of year-end unrealized gains from cryptocurrencies they had issued.


Related:Japanese Web3 developer HashPort Group raises $8.5M in funding round


The second request deals with the taxation method for personal crypto asset trading profits. It suggests changing this method from current comprehensive taxation to self-assessment separate taxation, with a uniform tax rate of 20%. Additionally, it proposes a three-year term for deducting the losses from the digital asset"s value depreciation.


Thirdly, the JBA seeks the elimination of income tax on the profits generated each time an individual exchanges crypto assets. As the request goes:“In the borderless web3 era, there is a high possibility that the exchange of crypto-assets will become the mainstream of the economic zone, and due to the wide variety of transactions that occur and the types of crypto-assets that are exchanged, tax calculation will be extremely difficult.”


At the end of July, Japanese Prime Minister Fumio Kishida reaffirmed the country’s commitment to fostering the Web3 industry, highlighting its potential to transform the internet and kindle social change. On the same day, Binance CEO Changpeng Zhao announced the cryptocurrency exchange would launch its services on a new Japanese platform in August.


At the time of publication, the JBA had not yet responded to Cointelegraph"s request for comment.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:‘Elegant and ass-backward’. Jameson Lopp’s first impression of Bitcoin# Japan# Taxes# Tax reduction# RegulationAdd reactionAdd reactionRelated NewsHow to send and receive payments on the Lightning NetworkExistential threat? Why some banks are anxious about CBDCsGerman political parties split on how to regulate increasing AI adoptionHow to use tax planning strategies for maximum savingsUS Senate Finance Committee asks digital asset community how to tax it in open letterIRS investigating crypto traders using Puerto Rico tax breaks: Report

News Feed

Report: Morocco Central Bank Governor Says Crypto Draft Law Now ‘Ready’
Report: Morocco Central Bank Governor Says Crypto Draft Law Now "Ready" A Moroccan draft crypto law, which seeks to protect individuals from the risks associated with crypto tradin
GBTC fees will drop when Bitcoin ETFs ‘start to mature’ — Grayscale CEO
Jesse Coghlan7 hours agoGBTC fees will drop when Bitcoin ETFs ‘start to mature’ — Grayscale CEOGrayscale’s Bitcoin ETF may have the highest fees and outflows compared to the competition, but chief Michael Sonnens
BRICS Nations ‘Coalescing Against the Dollar,’ Major Banks Predict More Fed Hikes, Bitcoin Records Large Blocks as Ordinals Gain Currency
BRICS Nations "Coalescing Against the Dollar," Major Banks Predict More Fed Hikes, Bitcoin Records Large Blocks as Ordinals Gain Currency In spite of turbulence in traditional glob
Google Executive From India Joins Coinbase as Chief Product Officer
Google Executive From India Joins Coinbase as Chief Product Officer A Google executive from India has joined Coinbase as the new chief product officer after 11 years at Google. H
Rapper TI Cryptocurrency Fraud: Charged and Fined $75,000 by SEC
Rapper TI Cryptocurrency Fraud: Charged and Fined $75,000 by SECRapper TI and four other people, including film producer Ryan Felton, have been charged by the U.S. Securities and Ex
Brayden Lindrea28 minutes agoSEC still looking for potential FTX-style fraud at Binance.US: ReportBinance.US attorney Matthew Laroche has asked a federal judge to consider putting an end to the SEC"s investigation for po
Taiwan to introduce new digital currency laws in September: Report
Zoltan Vardai10 hours agoTaiwan to introduce new digital currency laws in September: ReportThe new draft bill will aim to create more guardrails to protect digital asset investors.1590 Total views1 Total sharesListen to
These 3 NFT Projects Collectively Captured Over $10 Billion in Sales
These 3 NFT Projects Collectively Captured Over $10 Billion in Sales Non-fungible token (NFT) assets have taken the world by storm in 2021 and three current projects in the NFT uni
Virtual Assets Unleashes Retail Cash Reload Innovation for Purchasing Cryptocurrency
Virtual Assets Unleashes Retail Cash Reload Innovation for Purchasing CryptocurrencyInstantly add cash to your Crypto Dispensers account with Green Dot @ the Register
Bitcoin miner Cipher receives takeover offer, considers sale: Report
Vince Quill6 hours agoBitcoin miner Cipher receives takeover offer, considers sale: ReportCipher’s initial public offering was in 2021. Its current market cap is more than $2 billion.1681 Total views10 Total sharesList
David Attlee1 hour agoAustralian regulators will compel businesses to report cyberattacks: ReportThis obligation won’t be backed by a fine if the company fails to comply, and businesses will still be permitted to pay r
South Korea labels mass-produced NFTs as virtual assets
Ezra Reguerra1 hour agoSouth Korea labels mass-produced NFTs as virtual assetsNFTs considered as virtual assets are eligible to receive interest when deposited to exchanges according to the FSC’s guidelines published i