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Japan’s top financial regulator, the Financial Services Agency (FSA), has proposed changes to the country’s tax laws regarding digital asset profits. This move aims to better align Japan’s stance on cryptocurrencies with global standards, reduce financial burdens on local businesses, and foster innovation within the blockchain industry.

Japan Blockchain Week 2023, backed by the Japanese Ministry of Economy, Trade and Industry, aims to connect Japan’s Web3 networks with international participants and promote a crypto-friendly atmosphere. Amid rising demand for clearer regulatory frameworks, Japan focuses on fostering a hospitable environment for digital assets, pursuing tax leniency and addressing accounting challenges faced by Web3 businesses.

Japan’s Financial Services Agency is looking to change its tax code related to digital assets, potentially eliminating annual tax on unrealized cryptocurrency gains. Advocates argue this could stimulate business and aid blockchain startups, but critics cite possible manipulation and volatility.

Japan’s Financial Services Agency is overhauling cryptocurrency regulations, focusing on tax systems for companies holding crypto assets. The proposals aim to amend the rule of taxing unrealized gains, a model criticized for hindering innovation in the blockchain and digital asset sector.