Japan mulls new crypto taxation regime for corporate crypto holdings
Japan is set to introduce a new taxation regime for companies that hold cryptocurrencies on their balance sheets for a long-term. Japan‘s policymakers in the Liberal Democratic Party and ruling coalition partner Komeito are weighing to bring a new proposal that would exempt businesses from paying taxes on unrealized crypto gains. However, the change would only apply to those companies who are long-term holders. According to a report from Nikkei Asia, companies in Japan are required to pay corporate taxes on their crypto holdings based on valuations at the end of each fiscal year. With the new changes, which are expected to be included in the ruling coalition’s fiscal 2024 tax reform plan, Japan seemingly wants to bring more liquidity from the market as other Asian regions have also doubled down on their efforts to become “ crypto hubs.” The report says that ruling coalition policymakers have also confirmed a proposal to change how foreign visitors are tax...