Japan's financial regulator calls for lower cryptocurrency taxes by 2025
Japan's Financial Regulator Calls for Lower Crypto Taxes in 2025
Japan's Financial Services Agency (FSA) has released a plan to overhaul the country's tax policy by 2025, which includes adjustments to the taxation of crypto assets to lower their rates.
Under the plan, the FSA believes that crypto assets should be considered financial assets and should be an investment target for the public. Currently, profits from cryptocurrency trading are considered miscellaneous income and are taxed at rates between 15% and 55%. The highest tax rate for stock trading profits is only 20%.
The FSA said it is necessary to consider how to treat the tax treatment of crypto assets from this perspective. The plan needs to be approved by Japan's House of Representatives and Senate before it can be officially implemented.
The cryptocurrency industry has been urging the government to lower the tax rate on crypto assets. The Japan Blockchain Association formally requested a 20% flat tax rate in 2023 and proposed a three-year loss carryforward deduction. Although no policy changes have been made yet, the plan proposed by Japanese regulators has brought new hope to the industry.
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