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Japan New Economic Association: Current Cryptocurrency Tax System Is Causing “Promising Web3 Companies” to Leave Japan

As Japan continues to shift towards Web3 and cryptocurrency, some of the largest corporations have requested that the government reform cryptocurrency taxation. According to an official announcement from the Japan New Economy Association (JANE), the organization has submitted a tax reform proposal to Tokyo. JANE is calling on the government to "reduce tax rates" by 2024 to "encourage growth and increase tax revenue."

The request mentions various forms of taxation, but also specifically mentions cryptocurrency-related taxation and the growth of Web3. The request points out that the current cryptocurrency tax system is causing "promising Web3 companies" to leave Japan. JANE also warns that if measures are not taken to improve this situation, Japan may fall behind in the Web3 field.

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