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Japan vs Rwanda

Crypto regulation comparison

← Back to map | Japan | Rwanda
Japan

Japan

Rwanda

Rwanda

Legal
Restricted

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.

Rwanda is developing a comprehensive crypto regulatory framework. The NBR and Capital Markets Authority are drafting a law requiring VASPs to obtain CMA licenses. The draft law prohibits crypto as legal tender, bans mining and crypto ATMs, and imposes fines up to 30M RWF and imprisonment for unlicensed operators.

Tax Type Income
Tax Type None
Tax Rate 15-55%
Tax Rate N/A
Exchanges Yes Yes
Exchanges No No
Mining Yes Yes
Mining No No
Regulator FSA (Financial Services Agency), JVCEA
Regulator National Bank of Rwanda (NBR), Capital Markets Authority (CMA)
Stablecoin Rules 2022 stablecoin law requires issuers to be licensed banks, trust companies, or fund transfer agents
Stablecoin Rules Draft law prohibits crypto as payment; mining and crypto ATMs banned
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
  • Draft law requires VASPs to obtain licenses from Capital Markets Authority
  • Crypto prohibited as legal tender or payment method under draft law
  • Crypto mining, crypto ATMs, and mixer/tumbler services banned
  • Penalties include fines up to 30M RWF and up to 5 years imprisonment
  • Framework driven by FATF compliance on AML requirements
Sources
Sources