The Japan Crypto Asset Business Association (JCBA) and the Japan Crypto Asset Exchange Association (JVCEA) have released tax reform requirements for 2023, proposing a separate tax on cryptocurrencies at a rate of 20%.
The Fiscal Year 2023 Tax Reform Request addresses several issues that both organizations believe are holding back the crypto industry. These issues include the need to facilitate tax filings, lack of consistency within the system, comparisons with overseas cryptoasset taxation systems, and the importance of cryptoassets in Japan’s Web3 strategy.