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Japan’s Crypto Groups Call for Tax Cuts to Stem Talent Outflow

  • Top bodies seek to lower costs for firms to issue, hold tokens
  • High taxes have made some firms relocate to other countries

Crypto lobbying groups in Japan plan to ask the government to ease corporate tax rules that’s seen to be stunting the local digital asset industry’s growth. 

Two of the top bodies -- the Japan Cryptoasset Business Association and the Japan Virtual and Crypto assets Exchange Association -- are preparing to submit a proposal to the Financial Services Agency asking it to make it cheaper for companies to issue and hold crypto tokens, according to an internal memo seen by Bloomberg.