Major Japanese Businesses Ask Gov’t to Reform Crypto Tax System Some of Japan’s biggest businesses
have asked the nation’s government to make crypto tax reforms, as the country continues
to pivot to Web3 and crypto. Per an official Japan Association of New Economy
(JANE) announcement, the group has submitted a tax reform proposal to Tokyo.
JANE has asked the government to “reduce tax rates” in 2024 to “encourage growth and increase tax revenue.” The request refers to various forms of tax,
but also makes specific mention of crypto-related taxes and Web3 growth.
The request states
that the current crypto tax system is causing “promising Web3 companies” to leave the country.” JANE also warned that if steps were not taken to ameliorate the situation,
Japan could be “left behind” in the Web3 sector.
And JANE claimed
that “urgent measures” were needed to foster promising businesses and “develop the token economy.” JANE has previously
called Web3 a “new opportunity” for Japan.
Prime Minister Fumio Kishida
has repeatedly talked up NFTs and Web3, calling them potential growth engines
for the economy.
