Japan Cabinet Approves Proposal to End Taxation of Unrealized Cryptocurrency Gains

The Japanese cabinet has approved a proposal by the ruling Liberal Democratic party to end taxation on unrealized cryptocurrency gains. This move is expected to benefit the development of the country's Web3 industry. The proposal, which still needs to be debated in parliament, would end corporate taxation on the difference between the market and book values of crypto assets issued by other companies. The tax has been a hindrance to Web3 businesses in Japan, causing some to move overseas. The government sees the development of the industry as a key part of economic reform and has been considering submissions from industry associations.