CandleFocus Japan’s DPP leader pledges crypto tax cuts if elected
2024-10-21
Author: Content Editor
Democratic Party for the People (DPP) leader Yuichiro Tamaki has announced plans to reform crypto tax in Japan. Tamaki outlined his party's crypto tax policy, which aims to address the high cryptocurrency tax rates in the country and promote the use of NFTs in governance. The proposed policy includes introducing a separate 20% tax rate for crypto, allowing for loss deductions, and exempting crypto-to-crypto transactions from taxation. Tamaki also expressed plans to increase allowable leverage rates for trading and introduce cryptocurrency ETFs. The pledge concludes with a proposal to convert the yen into an electronic currency and promote the issuance of a digital local currency by local governments. While some criticized the proposed 20% tax rate, others welcomed the potential for clearer tax reporting.
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