Japan's ruling coalition approved its tax plan for the fiscal year 2022, continuing to treat token listings as taxable. A project that lists some of its tokens on an exchange and keeps the rest in its Treasury must also tax its holdings if their market value rises. Company founders face high corporate taxes when they list their tokens, with individual investors paying up to 55% on gains. Cryptocurrency companies in Japan have pleaded with authorities to change tax policies that some say are forcing them to leave the country. Recent government policy announcements suggest that their calls have fallen on deaf ears. The tax rate for token issuers is about 35 percent, according to Registered tax agent Kenji Yanagisawa. If the issuer drops the token by air, both the issuer and the recipient are taxed. The current tax system "will not change for at least a year".