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The Japanese government is preparing to ease tax requirements for local crypto companies as it seeks to stimulate growth in the local financial and technology sectors.
With the adoption of cryptocurrencies, the number of studies in this field has increased greatly. In particular, countries are conducting various studies on the taxation of cryptocurrencies. Finally, Japan is preparing to ease tax requirements for local crypto companies.
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Even if they do not profit from a sale, Japanese companies that issue cryptocurrency must pay a corporate tax of 30%. This is why many locally established blockchain companies and talents have reportedly chosen to move elsewhere in the past few years.
The tax committee of Japan’s ruling party, the Liberal Democratic Party (LDP), held a meeting. It also approved a proposal that was first put on the table in August to remove the obligation to pay taxes on paper earnings from crypto companies’ tokens.