1. The Japanese Financial Services Agency (FSA) has submitted a proposal for tax reforms in 2024.

2. The proposal focuses on reviewing the taxation of year-end market valuations of crypto assets held by third parties.

3. Currently, domestic companies #holding crypto assets are taxed based on the market price at the #end of the term, including unrealized gains and losses without cash flow.

4. The proposed reform aims to encourage the #use of blockchain technology and entrepreneurship in the Web3 environment.

5. Year-end #market value taxation will apply to legal entities, specifically third parties other than issuers, who continuously hold #relevant crypto assets.