The FSA and the Japanese Ministry of Economy, Trade and Industry are considering a tax proposalreform for 2023. Options include exempting crypto startups that issue their own tokens from paying taxes on unrealized profits.
The initiative is aimed at preventing the outflow of companies abroad.
"Most move to Singapore because it's stupid to start a company in Japan"— Hiroshi Mikitani, Chairman of the Board and President of the Rakuten Group, said in an interview with Crypto.News.
The agencies will also consider a joint initiativeJapan Crypto-Asset Business Association and the Japan Crypto-Asset Exchange Association. The institutions have previously proposed lowering the capital gains tax rate for retail investors from 55% to 20%.
Recall that in June, the Japanese Parliament adopted a bill that recognized stablecoins as digital money.
Previously, the FCA promised to create operating rules for stablecoin issuers.
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