Japanese Financial Supervisory Authority proposes lenient crypto tax laws

23 Mar, 2019
by David Borman
Regulation
Japanese Financial Supervisory Authority proposes lenient crypto tax laws

It is being reported by The Daily Hodl that new tax reforms are being proposed in Japan that would make investment in cryptocurrency more tempting for some. It has been speculated that the nations' taxes on crypto are holding back adoption in the general populace.

The changes are being proposed by the Financial Supervisory Authority and would see an ease on taxes for investment gains bases upon crypto and also make exemptions for crypto to crypto trading.

Member of the House of Councillors of Japan, Takeshi Fujimaki, feels that the current tax code is stifling to crypto adoption and hopes these changes can be implemented. He is quoted in the article:

"It is the tax system that inhibits the development of cryptocurrency and blockchain... If you want to promote cryptographic assets and blockchains, the FSA is also making a request of the tax authority."

The proposed framework would see taxes fully implemented on income received in crypto, but would give breaks for profits based upon investments. It would change the way taxes are paid taking losses into account, remove any taxes on crypto to crypto trades, as well as taxes on small crypto settlements.

It is unclear yet if these changes will be implemented, but it does seem like they would stimulate crypto adoption if they were. Stick with Chepicap for all updates on the state of affairs for Japan's crypto taxes!

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