New Decision for Cryptocurrencies from Japan!

Japan, With the new offer, Japanese companies cryptocurrencyIt is preparing to eliminate the tax it has to pay on unrealized gains from s.

According to the local news agency Nikkei, the companies currently hold cryptocurrencies Even if it is not sold, it is considered as profit or loss according to the difference between the market value at the end of the financial year and the value at which it was purchased.

Instead, the new tax regulation aims to make companies pay taxes only on the income and profits they make from the cryptocurrencies they sell.

Gaku Saito, chairman of the tax review committee of the Japan Crypto Asset Cooperation Association, said in an interview: “Web3 companies moved abroad because they were held liable for taxes even if they did not sell the cryptocurrencies they held. “So companies had to pay taxes on unrealized gains, which forced them to sell assets and hindered business development.” he said.

Following these statements, Japan is preparing to tax companies only on the profits they make from the sale of cryptocurrencies with the proposed proposal.

This decision is expected to come into force on April 1, 2024.