Cryptocurrency companies in Japan will no longer pay taxes

Japanese lobbying groups have announced plans to submit a proposal to the Financial Services Agency to reduce taxes or eliminate them altogether for cryptocurrency companies.

According to local journalists, two of Japan’s leading crypto lobbying groups, the Cryptoasset Business Association of Japan and the Japan Virtual Asset and Cryptocurrency Exchange Association, are seeking to abolish taxation for cryptocurrency companies. They hope that this will help the Japanese authorities create a better environment for the cryptocurrency business.

If the Financial Services Agency of Japan decides to abolish taxes, crypto companies will not have to pay 30% of their annual profits. According to lobbyists, it is high taxes that force local companies to move to other countries and develop their business where the authorities are more loyal to the digital asset sector, including Singapore. Thus, according to a recent survey, besides cryptocurrencies, NFTs are popular in Singapore. Singapore was ranked first among the countries most interested in non-fungible tokens. The data was obtained by analyzing NFT search queries by residents of some countries in March 2022.