Odaily News Japan’s Financial Services Agency (FSA) has submitted a request for legislative changes to the government to advance the way it taxes local cryptocurrency companies. The FSA document states that Japan’s Ministry of Economy, Trade and Industry has signed off on the reform. The new tax system on encrypted assets (virtual currency) calls for revisions to corporate tax, requiring the government to continue reviewing issues related to mark-to-market taxation at the end of the year for encrypted assets held by third parties. The Japan Blockchain Association (JBA) also mentioned tax reform regarding crypto assets held by third parties in its tax reform request submitted to the government in July. Under the current legal system in Japan, if a company holds crypto assets, it must pay taxes on unrealized gains (increases in the value of its tokens) at the end of each fiscal year. In other countries, companies are only required to pay tax on the cryptocurrencies they sell or exchange for fiat currency. (Cryptonews)