Japan imposed tax on steaking and cryptolending
Japan's national tax agency has updated the list of frequently asked questions about cryptocurrencies, according to Cryptonews. It introduced the concepts of steaking and cryptolanding.
According to the new rules, steaking and cryptocurrency lending should be taxed similarly to cryptocurrency mining. The tax should be assessed at the time the cryptocurrency appears in the wallet. If miners, stackers or cryptocreditors sell or lend their tokens at a higher market price, their profits should be declared. Cryptoinvestors must fix the price of assets when they acquire them.
The tax rate varies depending on the amount of income. The maximum rate is 55%. By comparison, in the U.S. the tax rate is 10-37% for short-term capital gains and 0-20% for long-term capital gains.
Notably, the taxation of the crypto industry in Japan does not yet affect non-exchangeable tokens (NFTs).
