Taxes on Staking and Crypto Lending in Japan
Japanese profits from staking and crypto lending are now subject to taxation.
The National Tax Agency has updated the “Tax Treatment of Cryptocurrency Assets,” CoinPost reported. The updated rules call for tax deductions on earnings earned from staking and lending coins.
The tax authority requires crypto users to fix the price of assets upon receipt. All funds generated by staking or crypto lending fall into the profit category and are taxed. Similarly, income from crypto mining is taxed in Japan.
The tax rate depends on the total taxable amount and ranges from 15 to 55%. Transactions with NFTs and the receipt of tokens as a result of airdrops are not yet taxed.