Progressive move from Japan: Cabinet proposes ending corporate tax on unrealized cryptocurrency profits. | Coin Genetics | Coins | December 2023

Hello Crypto Peeps! Durgesh is at home. We’ll bring you the latest news! 📰 Japan’s Cabinet says, “Tax unrealized cryptocurrency profits? No, it’s over now!” It’s like throwing a cryptocurrency party and inviting everyone! 🎉

Scoop:

So get this: Japan’s cabinet has given a big thumbs up to a proposal that could change the game for the land of emerging cryptocurrencies. The ruling Liberal Democratic Party said, “Let’s abolish corporate tax on unrealized cryptocurrency profits.” And guess what? All the cabinets were in! 🙌

Tax cuts, anyone?

If this proposal becomes law (fingers crossed), it would mean no longer charging corporate taxes on the difference between the market value and book value of other companies’ cryptocurrency assets. 📚💰 Imagine not having to pay taxes on profits you haven’t even cashed out yet! Japanese Web3 companies are probably doing a happy dance right now. 💃💸

Why it matters:

Now, this isn’t just a random decision. Prime Minister Fumio Kishida and his colleagues are all focused on revitalizing the Web3 industry. They see it as a key agent of economic reform. So they say, “Let’s end these crazy taxes and let the cryptocurrency industry thrive!” 🌐💼

main point:

But wait a minute. It’s not over yet. The proposal still needs to be discussed in Japan’s parliament, the National Assembly. Once approved, third party cryptocurrency assets will need to be taxed. This could mean a level playing field for all cryptocurrency holders, not just those lucky enough to issue their own cryptocurrency. Fair play, Japan! 🤝

Why change?

It seems like Web3 companies are packing their bags and saying “Sayonara” to Japan. why? Because you were paying taxes before you even made a single penny of profit! Gaku Saito, chairman of the tax audit committee of the Japan Cryptocurrency Asset Business Association, spoke about the problem. Companies have been hit with taxes on profits that are cooling in areas that have yet to be realized. Talk about a buzzkill for business development! 📉💼

as a result:

Japan is flipping the script on cryptocurrency taxes as it looks to make a name for itself in the global cryptocurrency space. The approval of the proposal is a big step toward creating a cryptocurrency-friendly environment. It’s as if Japan just sent out an invitation to all Web3 companies. “Come back, tax breaks and the cryptocurrency industry are booming!” 💌🌏

So here it is, folks! Japan’s cryptocurrency game is evolving and this appears to be a win for Web3’s business. Stay tuned for more cryptocurrencies and remember that in the cryptocurrency world, sometimes even taxes can get a vacation! 🏝️💻

Until next time, keep it secret and have fun! 😄🚀