Japan's JCBA and JVCEA jointly issued tax reform requirements for fiscal year 2023, proposing separate taxation on cryptocurrencies

[Japan's JCBA and JVCEA jointly issued tax reform requirements for fiscal year 2023, proposing separate taxation on cryptocurrencies] On August 4, the Japan Encrypted Assets Business Association (JCBA) and the Japan Encrypted Assets Exchange Association (JVCEA) released the 2023 The tax reform requires that cryptocurrencies be taxed separately at a rate of 20%.

The Fiscal Year 2023 Tax Reform Request addresses several issues that both organizations believe hold back the development of the crypto industry. These issues include the need to facilitate tax declarations, the lack of consistency within the system, comparisons with overseas crypto asset tax systems, and the importance of crypto assets in Japan’s Web3 strategy. (BeInCrypto)

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