On December 24th, the Japanese government approved the tax reform outline for the 2024 fiscal year at the cabinet meeting on the 22nd. The amendment includes the following changes: companies holding third-party issued cryptocurrency assets will not be subject to valuation-based taxes. Currently, Japanese companies' third-party issued cryptocurrency assets are recorded as profit and loss at the end of the fiscal year based on the difference between market value and book value. After the amendment, only profits from the sale of cryptocurrency will be taxed, which means the same tax system for individual investors will change. The bill will be submitted to the Diet in January next year and will require approval from both the House of Representatives and the House of Councillors.
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Japan’s cabinet meeting approved the tax reform outline for fiscal year 2024, and corporate crypto assets will not be subject to market value tax
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Taiwan's administrative agency passed four new anti-fraud laws to bring cryptocurrency traders under control
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Hong Kong Securities and Futures Commission: The public should beware of Quantum AI’s suspected fraudulent activities related to virtual assets
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Canada Revenue Agency to Chase Crypto Tax Evaders for $39.5 Million in Suspected Unpaid Taxes
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Brazil to Treat Foreign Crypto Purchases from Crypto Exchanges as Imports
Brazil will consider purchasing cryptocurrency from foreign exchanges as imports, breaking its previous record and adding weight to Brazil's trade balance. In the past 12 months, cryptocurrency purchases have reached $14.84 billion, up from $12.3 billion last year. Similarly, in the first quarter of 2024, cryptocurrency imports reached $4.69 billion, a 118% increase from the first quarter of 2023. -
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