The Japanese Parliament has been debating new rules for taxing cryptocurrencies since last August, but the tax authority has only just approved a tax exemption on unrealized profits. According to representatives of the ruling Liberal Democratic Party of Japan, this will “greatly facilitate the work of companies whose business is related to the issuance of tokens.”
Recall that stablecoins in Japan were recognized as digital money last year, and their release was allowed only to licensed banks. The law came into force on June 1. Now the largest Japanese bank MUFG is negotiating with foreign companies issuing stablecoins to launch tokens on its Progmat blockchain platform.
The Japanese government excluded the unrealized profits of cryptocurrency holders from the taxable base six months ago. However, this relief did not apply to companies issuing tokens.
Source: Bits
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