Japanese Start-up tokens list
So recently I saw a controversial article on Nikkei, one of the largest news publishing company in Japan where the majority of Japanese businessman reads in the morning.
One of my good old crypto friends Sota Watanabe, CEO Astar Network took an interview that the taxation in Japan is lacking to compete globally that the leading startups to leave Japan in 2021 as taxation on crypto assets stands in the way.
The problem started back in 2017 where initial coin offerings (ICOs) burst around in the world. In ICO, the tokens are issued and investors pay in crypto assets, which could be considered “revenue transaction” sales under the Japanese tax system. Issuing electronic tokens costs practically 0, and the sales are taxed almost directly as profits for tax purposes.
If you raise legal tender by issuing stocks or bonds, or borrowing, instead of an ICO, it will be considered a “capital transaction” or “debt transaction” and will not be taxed. This rule still exists in 2021.
No wonder Japanese blockchain and crypto startups would shift away if the funds raised would be considered as sales that would be taxed.
Then this article realized and gave me a thought, how many actual Japanese crypto startups are there that are ranked under 1000, and which projects are actually incubated in Japan?
Here’s the result. The ranking is as of November 8th, 2021, and I might have skipped couples so let me know in the comments if there is anything that I’m missing
[Top 1,000]
OMG 70
Transfer Token 211
Jasmy 214
LINK 216
Shiden 314
Monacoin 465
DEAPcoin 627
QASH 763
GYEN 916
[Out of Top 1,000]
ZUSD 1754
MCHC 3393
Nobunaga 4958
JPYC 6678
COT -
ALIS -
Minty -
CICC -
FSCC -
COMSA -
PLT-
BOBA -
….. and that’s it!
Some of the tokens are being traded domestically but hard to find pubic info as it isn’t listed on Coinmarketcap nor Coingecko.
Let me know your thoughts, I might deep dive into each project if necessary.
