Apart from the digital currencies it produces, Japan is one of the few countries that taxes corporate crypto assets based on their market value.Industry observers note that this rule has been directing companies that hold cryptocurrencies as part of their business models to tax-friendly jurisdictions like Singapore, Dubai, and Switzerland.

This tax affects companies like venture capital firms and non-fungible token businesses because they incorporate cryptocurrencies as a part of their business models However, cryptocurrencies and tokens held and issued by the same company are not subject to this tax.

In Tuesday’s meeting, they discussed extending a measure that proposes to allow small and medium-sized businesses to deduct entertainment expenses of up to 8 million yen annually beyond March 2024, among other tax rule changes.

The ruling coalition in Japan proposed that companies in the country might not have to pay taxes on unrealized crypto gains if they hold digital assets

As per the proposed tax law amendment, cryptocurrencies excluded from short-term trading activities will be exempt from corporate taxes based on their market value at the end of each fiscal year.

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Turkey is gearing up to take significant steps concerning the taxation and regulation of cryptocurrencies. The 2024 Presidential Annual Program, prepared by the Treasury and Finance Ministry and the Presidency Strategy and Budget Directorate, features striking details and has been published in the official gazette.

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According to the program, the Treasury and Ministry of Finance, Revenue Administration, and Capital Markets Board will work to define these assets in the Turkish legal system for the taxation of “Digital virtual assets.” These related public institutions will carry out this process. They will also continue to regulate transactions of digital assets that individuals can buy, sell, and transfer.

Another important step in the program is to regulate service providers for crypto assets. The Treasury and Ministry of Finance, along with the Central Bank of the Republic of Turkey (CBRT), hold the designation as the competent authorities. This regulation aims to establish order in the industry and enhance user security.

The program for 2024 also includes the implementation of the Digital Turkish Lira, and it envisions actively introducing and promoting this digital currency. Furthermore, the program emphasizes the strengthening of the fintech and digital finance infrastructure and highlights the pivotal role of the Presidency Digital Transformation Office in this regard.

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