Japan is set to provide relief to cryptocurrency token issuers by relaxing the 30% tax on paper profits. The Japanese government is working on revising the taxation system for cryptocurrency, in order to create a more favourable environment for the industry. The new rules would exempt token issuers from the 30% income tax on profits made in the form of paper profits. This move is an effort to reduce the burden on token issuers, as well as to encourage businesses to invest in the country’s nascent crypto industry. The Japanese government is also looking to introduce other measures to encourage cryptocurrency adoption, such as tax incentives for businesses that accept digital tokens as payment. The new tax system is expected to come into effect sometime in 2020.
Source: Cointelegraph