According to Foresight News, the Japanese Financial Services Agency (FSA) has submitted a proposal for tax reforms in 2024, which includes a key request related to crypto assets. The proposal calls for a review of the taxation of the year-end market valuation of crypto assets held by third parties. The FSA states that currently, for tax purposes, domestic companies holding crypto assets are valued at market price at the end of the term and are taxed on valuation gains and losses (unrealized gains and losses without cash flow). To promote the use of blockchain technology and encourage entrepreneurship in the Web3 environment, the year-end market value taxation will apply to legal entities (third parties other than issuers) that continuously hold relevant crypto assets.