Easing tax rules on Japanese cryptocurrency companies should keep most of those players on local soil, two of the leading lobby groups maintained.
Cryptocurrency lobbying groups in Japan reportedly intend to ask lawmakers to reduce the tax rates on the local digital asset sector. Thus, talents in the industry will be more likely to stay in their home country instead of trying their luck in a nation where taxation policies are less stringent.
Those unfriendly conditions have caused many local companies to settle in other countries where authorities are more open to the digital asset realm, including Singapore. The lobbying group’s idea might change that trend and keep most Japanese crypto talents on local soil. It will also test Prime Minister Fumio Kishida’s intentions to embrace the sector.a policy that should develop the Web3 space in the country, including the use of digital assets, non-fungible tokens , and decentralized autonomous organizations .
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