Japan will review rules for cryptocurrencies and may lower taxes

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Japan will review rules for cryptocurrencies and may lower taxes
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Japan is about to review its rules for the cryptocurrency sector, according to information released by Bloomberg this Monday (30).

As reported in the report, an anonymous official from the country’s Financial Services Agency (FSA) said that the review will take place in the coming months. Authorities intend to assess the effectiveness of current regulation, which deals with cryptocurrencies under the “Payments Law”.

The objective of the review, according to the source, is to verify whether existing rules offer sufficient protection to investors in digital assets. According to the report, the agency may conclude that current legislation needs adjustments. Or, you may understand that cryptocurrencies need to be reclassified as financial instruments. This would bring digital assets under the country’s Investment Law.

Furthermore, this possible reclassification could pave the way for a reduction in taxes on cryptoassets, an issue that Japan has been exploring.

Japan will reevaluate cryptocurrency classification

Japan’s move comes at a time when countries around the world are seeking to clarify their approaches to cryptocurrencies. Last year, for example, the United Kingdom decided to make the crypto sector a regulated activity, placing it under its financial services rules.

In Europe, on the other hand, authorities have created a set of specific standards for the sector, known as Markets in Crypto Assets (MiCA). Meanwhile, South Africa recently implemented a licensing regime for the sector.

With these international initiatives as a backdrop, the Japanese review may also consider adopting similar measures in order to align local regulation with global practices. The FSA’s main objective is to ensure that investors have adequate protection, as well as potentially encouraging the development of the domestic cryptocurrency market.

A possible consequence of this review would be the permission for domestic funds to invest in digital asset tokens, something that currently faces barriers under current regulations. The focus is also on evaluating whether it is possible to reduce taxation on these assets. After all, the high tax burden on cryptocurrencies in Japan is a factor that inhibits the sector’s growth in the country.

Japan will review rules for cryptocurrencies and may lower taxes

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Japan will review rules for cryptocurrencies and may lower taxes

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Japan will review rules for cryptocurrencies and may lower taxes

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