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Japan vs Marshall Islands

Crypto regulation comparison

← Back to map | Japan | Marshall Islands
Japan

Japan

Marshall Islands

Marshall Islands

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.

The Marshall Islands passed the Sovereign Currency Act in 2018 to create the SOV, a blockchain-based national digital currency. No income or capital gains tax.

Tax Type Income
Tax Type No tax
Tax Rate 15-55%
Tax Rate 0%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator FSA (Financial Services Agency), JVCEA
Regulator Banking Commission of the Marshall Islands
Stablecoin Rules 2022 stablecoin law requires issuers to be licensed banks, trust companies, or fund transfer agents
Stablecoin Rules No specific stablecoin regulation
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
  • Sovereign Currency Act (2018) created SOV digital currency
  • No income or capital gains tax
  • Has been a popular jurisdiction for DAO registration
  • Banking Commission provides oversight
  • Limited domestic crypto adoption
Sources
Sources