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JCBA and JVCEA Issues a Request to Lower Crypto Taxes

JCBA and JVCEA Issues a Request to Lower Crypto Taxes

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Japanese cryptocurrency associations join forces to demand lower crypto taxes.

The Japan Crypto-Asset Business Association (JCBA) and the Japan Crypto-Asset Exchange Association (JVCEA) have released tax filing reform lowers crypto income taxes for individual investors.

By renew upon request, the associations request to consider several issues related to the operation of crypto in Japan. These issues include tax declaration, comparison of foreign tax systems, lack of consistency and the general “importance of crypto-assets in Japan’s Web3 strategy”.

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However, JCBA and JVCEA emphasize this a key request is to create a separate 20% taxation for individual investors and the crypto derivatives market. The request also suggests that losses be carried forward “after three years from the following year”.

Fiscal 2023 tax reform would be a significant help to Japanese crypto investors as such currently pay taxes on around 55% of their crypto investments.

Countries around the world are also trying to find the right way to tax these investments. Recently, US Senators Patrick Toomey and Krysten Sinema launched a review of the Virtual Currency Tax Fairness Act, which offers a tax exclusion for transactions worth less than $200. In contrast, South Korea has a similar initiative was postponed regarding 20 percent taxation until 2025.

In other news, Japanese crypto exchange Gaia Co Ltd has plans to establish several ATMs in Tokyo and Osaka.

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree


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