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    Home»Regulators»founders of crypto startups leave Japan due to high taxes
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    Regulators

    founders of crypto startups leave Japan due to high taxes

    AdministratorBy Administrator24.12.2021No Comments3 Mins Read
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    Cryptocurrency tax can be as high as 55%.

    Crypto companies in Japan are closed, and their founders are moving to other countries, CoinDesk said, citing experts. The reason for the outflow of crypto enthusiasts from the country was the high tax rates on cryptocurrencies.

    • In particular, the tax rate for the token issuer is 35%, the portal reports, citing tax accountant Kenji Yanagisawa. In this case, both the issuer and the buyer of the token are taxed. Depending on the size of the company’s income, the tax rate can be up to 55%.

    • The founder of the blockchain and cryptocurrency consulting company Gracone, Mai Fujimoto, said that she is aware of eight projects that have left Japan. One of them is the Astar Network decentralized application. According to its founder, Sota Watanabe, a serious problem in the Japanese crypto market is vague regulation and high taxes.

    • Tokens are taxed if listed in an active market, but there is no clear definition of an active market, Watanabe told CoinDesk.

    • Some projects place part of their tokens on the crypto exchange, and keep the rest with themselves. According to Watanabe, if the market value of the token rises, the company will have to pay tax on the entire volume of tokens. Lack of tax funds is forcing Japanese crypto startups to sell more tokens on the public market. This negatively affects the price of the token and the general state of the project.

    • On December 10, Japan’s ruling coalition approved a tax plan for fiscal 2022, in which tokens remained on the list of taxable assets. The current tax regime “will not change for at least another year or so,” said accountant Yanagisawa.

    • By comparison, the country’s share capital gains tax is 20%. If the authorities equate the tax on cryptocurrencies with the rate on shares, 10-20 trillion yen ($ 88- $ 175 billion) will return to the crypto markets in Japan, calculated the president of the BITPoint crypto exchange Genki Oda.

    • Regulators do not want to develop the crypto market in the country due to the high volatility of tokens, Kraken Japan managing director Takeshi Chino told the portal. The authorities believe that the crypto market attracts only speculators and not real investors.

    • According to the 2019 study of financial literacy of Japanese residents, 11% of the country’s population owned cryptocurrencies.

    We will remind, at the beginning of the month it became known that the Japanese authorities want to limit the emission of stablecoins. According to the regulator, only banks or payment companies should issue fiat-based tokens.

    Read also: the first senator – a crypto-investor in the United States has developed a draft law on the regulation of cryptocurrencies.




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