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Japan to Introduce Tax Reform for Bitcoin and Cryptocurrencies in 2024!

In the latest cabinet meeting held on December 22, the Japanese government finally approved the draft of crypto tax reform for the fiscal year 2024. This reform came with a significant regulation affecting companies holding crypto assets. The regulation eliminates the year-end valuation tax previously applied to companies holding crypto assets (virtual currencies) issued by third parties. As a result, companies will now be taxed on profits derived from the sale of virtual currencies and tokens, aligning with the tax system applicable to individual investors. The revision changes the scope of the year-end valuation application under the Corporate Tax Law.

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