By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    FIFA president Gianni Infantino criticised by European football chiefs over decision to join Donald Trump tour | World News
    FIFA president Gianni Infantino criticised by European football chiefs over decision to join Donald Trump tour | World News
    May 16, 2025
    Arctic Worries: Melting Ice, and a Russia-China Partnership
    Arctic Worries: Melting Ice, and a Russia-China Partnership
    May 16, 2025
    Largest US retailer Walmart warns of price hikes because of tariffs | Trade War News
    Largest US retailer Walmart warns of price hikes because of tariffs | Trade War News
    May 15, 2025
    EU nation slams Russia over ‘slap in the face’ — RT World News
    EU nation slams Russia over ‘slap in the face’ — RT World News
    May 15, 2025
    Fed’s Powell cautions about higher long-term rates as ‘supply shocks’ provide policy challenges
    Fed’s Powell cautions about higher long-term rates as ‘supply shocks’ provide policy challenges
    May 15, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    Bitcoin to outperform gold in second half of 2025: JP Morgan
    Bitcoin to outperform gold in second half of 2025: JP Morgan
    May 16, 2025
    FTX Token surges 14% ahead of B creditor distribution
    FTX Token surges 14% ahead of $5B creditor distribution
    May 16, 2025
    Could Ruvi AI (RUVI) Be the Next Dogecoin (DOGE)? Analysts Suggest it Will Skyrocket by 20,000% During Altcoin Season
    Could Ruvi AI (RUVI) Be the Next Dogecoin (DOGE)? Analysts Suggest it Will Skyrocket by 20,000% During Altcoin Season
    May 16, 2025
    Bitcoin Long-Term Holders Supply Sees Second Consecutive Decline After Period Of Growth
    Bitcoin Long-Term Holders Supply Sees Second Consecutive Decline After Period Of Growth
    May 16, 2025
    U.S. Senate’s Stablecoin Push Still Alive as Bill May Return to Floor: Sources
    U.S. Senate’s Stablecoin Push Still Alive as Bill May Return to Floor: Sources
    May 15, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: Want To Increase Web3 Participation? Japanese Association Tells Authorities To Slash Crypto Taxes
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > Cryptocurrency > Want To Increase Web3 Participation? Japanese Association Tells Authorities To Slash Crypto Taxes
Want To Increase Web3 Participation? Japanese Association Tells Authorities To Slash Crypto Taxes
Cryptocurrency

Want To Increase Web3 Participation? Japanese Association Tells Authorities To Slash Crypto Taxes

Published July 30, 2023
Share
4 Min Read
SHARE

Contents
JBA’s Specific RequestsJapan A Growing Web3 Hub

The Japan Blockchain Association (JBA), on July 27, formally submitted a petition to the authorities asking them to review and slash the taxes on crypto assets. According to the JBA, led by Yuzo Kano of bitFlyer Inc., the taxation system for crypto-assets is one of the “biggest barrier” for companies to run Web3-related businesses and the active holding of digital assets by the public, and as such, reviewing this taxation system can promote increased Web3 participation in the country. 

“We hope that Japan will be recognized both domestically and internationally as a web3 advanced country, and that the economic sphere of her web3, which is a new industry, will expand and contribute greatly to the future growth of the Japanese economy, which is under pressure to change.” JBA’s statement read.

JBA’s Specific Requests

The JBA had three specific requests as part of its petition to the government. The first was to eliminate year-end unrealized gain taxation on companies holding third-party-issued crypto assets.

The JBA has highlighted that the year-end unrealized gain taxation on third-party-issued tokens is one of the tax rules that Japan’s National Tax Agency needs to revise. According to them, the tax rule is a stumbling block for domestic capital companies that want to venture into Web3. 

They believe that if this particular tax is abolished, companies will no longer need to sell their crypto-assets to balance their tax books, and as such, this would further incentivize some companies to make their entry into Web3.

The second request was an amendment to the taxation method for individual trades to self-assessment separate taxation, introducing a uniform tax rate of 20%.

Total market cap holding tight at $1.146 trillion | Source: Crypto Total Market Cap on Tradingview.com

In addition, as part of the separate self-assessment taxation, the JBA is also asking the authorities to carry forward and deduct any loss for three years from the year following the year in which the loss occurred, as this measure will help reduce tax.

Last but not least, the association asked to abolish tax on the exchange of crypto-assets Currently, Japan’s tax agency places an income tax on profits individuals make whenever they swap one crypto asset for another.

The JBA has highlighted that this might become extremely difficult to enforce and, more so, be inconvenient to traders as crypto trading continues to gain mainstream adoption and become a mainstay in the economy. As such, they have called for the abolition of taxation on the exchange of crypto assets. 

Japan A Growing Web3 Hub

The latest statistics from the Japan Crypto Asset Trading Association (JVCEA) reveal a growing interest in the Web3 space in Japan. According to the organization, more and more locals are opening crypto assets trading accounts, with the total number of accounts opened increasing by 6.8 million as of April 2023.

Japan’s Prime Minister Fumio Kishida also reiterated the country’s commitment to developing the Web3 sector and described it as the “new form of capitalism,” highlighting its disruptive power and how it can transform the internet and bring about social change.

Featured image from Coin Culture, chart from Tradingview.com

#Increase #Web3 #Participation #Japanese #Association #Tells #Authorities #Slash #Crypto #Taxes

TAGGED:AssociationAuthoritiesCryptoIncreaseJapaneseparticipationslashTaxestellsWeb3
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Seth Rogen Thinks He Wouldn’t Be a Good Creative Fit for Marvel Seth Rogen Thinks He Wouldn’t Be a Good Creative Fit for Marvel
Next Article Hamilton quotes Senna after clash leaves Perez pointless Hamilton quotes Senna after clash leaves Perez pointless
- Advertisement -

Latest Post

Bitcoin to outperform gold in second half of 2025: JP Morgan
Bitcoin to outperform gold in second half of 2025: JP Morgan
Cryptocurrency
FTX Token surges 14% ahead of B creditor distribution
FTX Token surges 14% ahead of $5B creditor distribution
Cryptocurrency
FIFA president Gianni Infantino criticised by European football chiefs over decision to join Donald Trump tour | World News
FIFA president Gianni Infantino criticised by European football chiefs over decision to join Donald Trump tour | World News
World News
Could Ruvi AI (RUVI) Be the Next Dogecoin (DOGE)? Analysts Suggest it Will Skyrocket by 20,000% During Altcoin Season
Could Ruvi AI (RUVI) Be the Next Dogecoin (DOGE)? Analysts Suggest it Will Skyrocket by 20,000% During Altcoin Season
Cryptocurrency
Arctic Worries: Melting Ice, and a Russia-China Partnership
Arctic Worries: Melting Ice, and a Russia-China Partnership
World News
Bitcoin Long-Term Holders Supply Sees Second Consecutive Decline After Period Of Growth
Bitcoin Long-Term Holders Supply Sees Second Consecutive Decline After Period Of Growth
Cryptocurrency
- Advertisement -

You Might Also Like

SEC Postpones Approval Of Hashdex Mixed Bitcoin And Ethereum ETF
Cryptocurrency

SEC Postpones Approval Of Hashdex Mixed Bitcoin And Ethereum ETF

August 12, 2024
Bitcoin Price (BTC) and CoinDesk 20 Index Inch Higher
Cryptocurrency

Bitcoin Price (BTC) and CoinDesk 20 Index Inch Higher

August 16, 2024
Nomura Holdings Hot On The Heels Of Binance With Dubai Crypto License
Cryptocurrency

Nomura Holdings Hot On The Heels Of Binance With Dubai Crypto License

August 1, 2023
Cardano Founder Refutes Claims Of Project’s Ads Lagging Behind Solana
Cryptocurrency

Cardano Founder Refutes Claims Of Project’s Ads Lagging Behind Solana

January 26, 2024

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?