Japan’s Financial Services Agency is calling for less stringent corporate tax rules for cryptocurrency assets and individual stock investors.
The proposed moves are in aid of Prime Minister Fumio Kishida’s push to revitalize Japan’s economy, Bloomberg reported Wednesday (Aug. 31).
The financial regulator said companies should receive exemptions from paying taxes for paper gains on crypto that they hold after issuing them, while also proposing more support for a program that offers tax breaks to individual investors.
Kishida’s plan — dubbed “New Capitalism” — promises household wealth while also supporting Japan’s Web3 sector.
Japan passed legislation in June that effectively defines stablecoins as digital currencies, making it one of the first major world economies to set up a legal framework for stablecoins.
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