The Japanese Financial Services Agency proposed to exempt cryptocurrency "unrealized gains" tax

ChainCatcher news, according to Cointelegraph, Japan's main financial regulatory agency, the Financial Services Agency (FSA), has decided to take control of cryptocurrency regulation and proposed amendments to the crypto asset tax law. The FSA submitted this request on August 31, suggesting the exemption of domestic companies from the year-end "unrealized gains" tax on cryptocurrencies.

In the legal provisions of some countries, taxes are only required when cryptocurrency assets are sold for fiat currency, but in Japan, they are taxed annually. The amendment proposed by the FSA has the potential to take effect, and this reform will improve the domestic Web3 environment in Japan and promote the development of startups utilizing blockchain technology.