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Japan’s Financial Services Agency (FSA) will push for taxes on crypto to be slashed as it moves to make the industry more competitive. Under a proposal by the regulator that was reported by Nikkei, taxes on crypto would move into a separate bracket with a flat 20% rate. I ncome from crypto is now treated as “miscellaneous income” and there is a progressive tax rate of up to 55%, excluding local taxes. The change would align crypto with the way listed stocks are taxed. A review is scheduled for the end of the month and industry groups are also pushing for a three-year loss carry-forward that would help reduce volatility in annual tax treatment. Japan To Make It Easier To Launch Crypto ETFs The change would ease one of the heaviest burdens on Japan’s crypto firms and reduce pressure on them to shift activity to crypto-friendlier overseas markets. The FSA has also submitted a proposal that would make it easier for firms to launch domestic crypto ETFs (exchange-...

1. Russia Mined Over $3 Billion Worth of Bitcoin in 2023, Generating $556 Million in Taxes link In 2023, Russia mined approximately 54,000 Bitcoins, valued at over $3 billion, generating around 50 billion rubles ($556 million) in tax revenue for the Russian government. Bezdelov, the president of the Russian Association of Crypto Mining, believes that the recent legalization of crypto mining will attract more investors and further boost tax revenues. Previously, Russian President Putin signed a bill officially legalizing cryptocurrency mining. Only registered Russian legal entities and individual entrepreneurs are allowed to mine, though individuals below the government-set energy consumption limit can mine without registration. 2. ​Korean Financial Supervisory Service (FSS) Plans to Audit Virtual Asset Exchanges link The South Korean Financial Supervisory Service (FSS) plans to audit virtual asset exchanges to detect any suspicious or illegal transactions. If system vulnerabilities are...

Japan’s New Crypto Tax Rules According to local media platform, Coinpost, the tax authority has revealed that unrealized gains from cryptocurrencies issued by companies themselves will no longer be taxed in order to make it easier for cryptocurrency-related companies to do business in Japan. advertisement The subject of taxation remains one of the most undefined regulatory zones in many countries. While there is a possibility for a high Return on Investment (RoI) on virtual assets related investments, the provision of favorable crypto tax laws accounts for one of the things that attracts high growth companies to a nation. Under the current rule, if a company holds cryptocurrencies, it will be taxed on unrealized gains at the end of the tax year, a practice that has proven costly for many firms operating in Japan. Per the report, the inclusion of the valuation of self issued digital currency by a firm operating in Japan in its market valuation has also been...