Japan Plans Tax Reforms for Cryptocurrencies in 2024

Japan is considering significant tax reforms for cryptocurrencies in 2024, with a focus on taxing corporations based on their profits from virtual currency sales. The proposed changes also aim to establish a tax system for individual investors aligning with the tokens they hold. The reforms seek to elevate tax values for corporations engaged in holding and trading cryptocurrencies, fostering innovation and supporting startups in the country. The initiative is part of a broader effort to embrace digital assets, align with blockchain technology, and position Japan within the global landscape of web3. The reforms are anticipated to have a positive impact on the growth of the crypto industry in Japan. (Source: Cryptopolitan)