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Japan vs Liechtenstein

Crypto regulation comparison

← Back to map | Japan | Liechtenstein
Japan

Japan

Liechtenstein

Liechtenstein

Legal
Legal

Japan is one of the world's most comprehensively regulated crypto markets. The Payment Services Act and Financial Instruments and Exchange Act govern crypto exchanges and tokens. Japan classifies crypto as "crypto-assets" and taxes gains as miscellaneous income at rates up to 55%, though reforms to lower this rate are under active discussion.

Liechtenstein's Blockchain Act (TVTG) effective since 2020 is among the world's most comprehensive crypto frameworks. The FMA supervises registered TT service providers. Adapted for EU MiCAR in 2025.

Tax Type Income
Tax Type Income
Tax Rate 15-55%
Tax Rate 1-8%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator FSA (Financial Services Agency), JVCEA
Regulator Financial Market Authority (FMA)
Stablecoin Rules 2022 stablecoin law requires issuers to be licensed banks, trust companies, or fund transfer agents
Stablecoin Rules Regulated under TVTG and MiCAR
Key Points
  • Crypto exchanges must register with the FSA under the Payment Services Act
  • Crypto gains taxed as miscellaneous income at up to 55% (national + local tax)
  • Japan's self-regulatory body JVCEA sets industry standards for exchanges
  • 2022 stablecoin legislation (revised Payment Services Act) regulates stablecoin issuance
  • Government considering tax reform to apply a flat 20% separate taxation on crypto gains
Key Points
  • Blockchain Act (TVTG) adopted unanimously in 2019, effective Jan 2020
  • Token Container Model enables tokenization of any asset or right
  • FMA registers and supervises all TT service providers
  • EEA MiCAR Implementation Act entered into force Feb 2025
  • First country with comprehensive blockchain-specific legislation
Sources
Sources