A prominent member of the House of Councillors of Japan and acting President of the Japan Restoration Committee, Takeshi Fujimaki has recently stated his opinion regarding the negative effect of the country’s tax system on the crypto industry. Fujimaki is of the strong opinion that Japan’s tax system is slowing the development and adoption of blockchain technology and cryptocurrency.

Financial Supervisory Authority Proposes New Tax System

Recently, Japan’s Financial Supervisory Authority proposed tax reforms which are designed to ease the trading, spending and holding of crypto investment without having to worry about unfriendly crypto tax laws.

Speaking on the proposed tax system, Fujimaki stated that:

“Today I received an explanation of the Financial Supervisory Authority’s submission bill. One is a crypto asset related bill. I asked some points about ‘the bill from the viewpoint of customer protection and the viewpoint of promoting innovation.’ It is the tax system that inhibits the development of…

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Source: https://thebitcoinnews.com/president-of-the-japan-restoration-committee-taxes-are-crippling-the-growth-of-crypto-and-blockchain/