Crypto lobbying groups in Japan plan to ask the government to ease corporate tax rules that’s seen to be stunting the local digital asset industry’s growth.
Two of the top bodies -- the Japan Cryptoasset Business Association and the Japan Virtual and Crypto assets Exchange Association -- are preparing to submit a proposal to the Financial Services Agency asking it to make it cheaper for companies to issue and hold crypto tokens, according to an internal memo seen by Bloomberg.
The groups will ask the government to stop taxing paper gains on crypto holdings if firms own them for purposes other than short-term trades, according to the memo. Currently, profit from cryptocurrency holdings, including unrealized gains, is subject to corporate tax of about 30%.
This can make it expensive for companies to hold onto digital coins once they’re issued, raising the bar for launching crypto projects. The levy also applies to so-called governance tokens, which allow holders to participate in...
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