JBA claimed that its review of the current tax system indicates that the growth of web3 business in Japan is hindered.
Specifically, it requested the tax on personal transactions be set to a flat rate of 20%, and taxes on profits stemming from crypto transactions be canceled,Statistics from the Japan Crypto Asset Exchange Association indicate that, as of April 2023, roughly 6.8 million crypto accounts were opened — and JBA believes, based on a questionnaire, that investment would increase if taxation was amended.
JBA also asks to eliminate year-end unrealized profit taxation on third-party-issued tokens — claiming that companies no longer needing to sell the tokens they hold for tax payment will reduce the barrier to entry for web3 businesses.web3 has the potential to transform the traditional internet framework and contribute to social change — and that the government is dedicated to fostering a conducive environment for promoting web3.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK Move to Digitize Trade Documents Could Rely on Blockchain, Government SaysA U.K. government initiative to digitize trade documents could pave the way for using blockchain technology to record trades with improved security, and reduce costs. camomileshumba reports
Read more »
Amazon Expands Managed Blockchain Services.awscloud has expanded its Amazon Managed Blockchain infrastructure service to include new functions, which will help developers access serverless node offerings and multi-chain data. BrandyBetz reports.
Read more »
Swisstronik Testnet 1.0: Ushering in New Era of Compliant Blockchain TransactionsSwisstronik unveils its Testnet 1.0, marking a significant advancement in the realm of compliant, private blockchain transactions
Read more »
Amazon Expands Web3 Reach With Cloud Tools That Help Blockchain DevelopersICYMI: amazon has added new tools to awscloud designed to make it easier for developers building blockchain-based Web3 software.
Read more »
Blockchain technology lets East African farmers sell globallyAfrican farmers may be on the cusp of an agricultural breakthrough, but they need to prove sustainable practices. Blockchain tech could help.
Read more »
Worldcoin's Launch Propels Optimism to Record-Breaking Daily Transaction Volume – Blockchain Bitcoin NewsAs far as daily transactions, the Ethereum layer two (L2) network, Optimism, is reaping the benefits from Worldcoin's (WLD) debut.
Read more »