BlockBeats news, on July 29, Japan Blockchain Association (JBA) representative Yuzo Kano submitted a request to the government to modify the tax system for crypto assets (virtual currency) to promote the growth of Japan’s Web3 business. Suggestions include:

1. Cancellation of the year-end unrealized gains tax on third-party token issuance will help lower the threshold for entering the Web3 business;

2. Change the taxation method for personal crypto-asset transactions to a separate self-assessment tax with a unified tax rate of 20% to reduce the obstacles to the growth of the token economy caused by the current tax system;

3. Eliminate the income tax on profits from each crypto-asset transaction to further encourage citizens to own and use crypto-assets.

The JBA calls on the government to review the current crypto-asset tax system and promote the creation of an environment conducive for citizens to own and use crypto-assets.