Harsh crypto taxes in Japan are forcing cryptocurrency exchanges to flee the country.
Stakeholders within the industry have called for a reversal of the tariffs, but so far, the agitations have fallen on deaf ears.
Last week, Japan’s ruling party introduced a new tax proposal for the 2022 fiscal, aiming to increase wages. Under the new tax law, token issuers are mandated to pay taxes of around 35% whether or not they sell.
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If an issuer lists some of its tokens and holds the remaining in its treasury, it will be taxed for the assets it has if prices surge. Taxes are also imposed on airdrops for both the distributor and the beneficiaries.