Listening to the Industry: Revised Tax Reform Blueprint 2024 Removes Taxation on “Unrealized Gains” of Cryptocurrencies

According to the report from the Nikkei Shimbun, the Japanese Cabinet approved the revised outline for the fiscal year 2024 tax reform several days ago. Local companies holding non-self-issued cryptocurrencies will be exempt from taxation on unrealized gains in their crypto assets at the end of the year. Taxation will only be required when the assets are sold and profits are realized in the future. It is reported that the bill will be submitted to the Japanese parliament for approval in January next year.