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Japan Is Moving Ahead With Cryptocurrency Tax Reform

Japan is pushing forward with cryptocurrency tax reform, and the country's top financial regulator will change the way it taxes domestic cryptocurrency companies. According to Japanese media CoinPost and the Financial Services Agency (FSA), the regulator has submitted a request for legislative changes to the government.

Under Japan's current legal system, if a company holds cryptocurrency assets, it must pay taxes on unrealized gains (the increase in the value of its tokens) at the end of each fiscal year. In other countries, companies only need to pay taxes on cryptocurrency when it is sold or exchanged for fiat currency.

The Japan Blockchain Association (JBA), the main industry group for the cryptocurrency industry, has also called on the FSA to ensure that the tax reform is extended to cryptocurrency assets held by third parties.

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