CryptoMediaClub
Sunday, June 1, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Japan’s Ruling Party Urges ‘Immediate’ Crypto Tax Reform

15.04.2024
A A
0
130
VIEWS
ShareShare

Japan’s ruling party, the Liberal Democratic Party, wants the government to carry out “immediate” crypto tax reforms.

Per an official Liberal Democratic Party release and a report from the Japanese-language media outlet CoinPost, the party’s web3 project team unveiled a “White Paper” on April 12.

In February, the government unveiled plans to allow venture capital firms to invest in domestic crypto companies.

Japan’s Ruling Party Wants Crypto Policy Changes

The team said that “profits and losses” from “cryptoasset transactions” should “be subject to separate taxation by self-assessment.”

And the team said the above issue “should be addressed immediately.” The report has been passed on to the party’s Digital Society Promotion unit.

Currently, Japanese law stipulates that crypto traders must include crypto trading profits and losses on annual income declarations.

What Are the Rules Surrounding Crypto Tax in Japan?

Japanese taxpayers need to declare all crypto-related earnings as “other income.” This means that while low-earning individuals can pay as little as 11% on their crypto trading profits, those in higher tax bands could pay over 50%.

In most other countries that tax crypto trading profits, traders need to pay capital gains tax on earnings – as they might do with assets such as stocks and shares.

The Bank of Japan ended its eight years of negative interest rates during its March meeting, matching market forecasts.https://t.co/BjzD4RRMeI pic.twitter.com/j57T8OyqTK

— TRADING ECONOMICS (@tEconomics) March 19, 2024

Campaigners have been urging Tokyo to change its stance for years. However, Prime Minister Fumio Kishida has taken a decidedly pro-web3 stance in recent times.

Kishida has talked up the sector, indicated a willingness to reform tax laws, and spoken in favor of NFT-powered economic growth.

And this has already led to tax reform for corporations, who will no longer have to pay tax on “unrealized” gains.

This refers to coins that appreciate in value over the course of a financial year, but are not sold for fiat in the same period.

What Happens Next?

If the Digital Society Promotion unit approves the tax reform for individual traders, it will be passed on to the Political Affairs Research Council.

If this council approves, tax reform will become official Liberal Democratic Party policy. From here, lawmakers will be able to create a bill to present to the National Diet.

All of these steps may well be time-consuming, but none should provide serious obstacles to the web3 project team’s proposed changes.

The composition of Japan’s House of Representatives. Darker green dots represent LDP seats.
The composition of Japan’s House of Representatives. Darker green dots represent LDP seats. (Source: BibiBegin)

Japan’s ruling party has been in power since 1955. It holds 259 seats out of a maximum of 465 in the House of Representatives and 116 of 248 seats in the upper house, the House of Councillors.

As such, it now appears to be a case of “when,” not “if” for Japanese crypto traders hoping for tax reform.

Web3 Revolution on Cards in Japan?

The white paper’s authors claim they want to place Japan “at the center of the web3 revolution.”

The authors also said they “strongly support the development of blockchain technology” in “social infrastructure” projects.

As well as separating crypto profits taxation from income tax, the proposed changes would also allow traders to defer losses for up to three years.

The authors further suggested discussing Japan’s tight crypto leverage trading rules, an issue that has dogged Japanese exchanges for several years.

The headquarters of Japan’s ruling party, the Liberal Democratic Party.
The headquarters of Japan’s ruling party, the Liberal Democratic Party. (Source: Junpei Abe [CC BY 2.0])

Japanese crypto industry insiders appeared happy with the news, with some opining that the white paper addresses “many” of their requests.

The Astar Network and CEO at Startale Labs Sota Watanabe said that the paper “comprehensively covers” the “main issues” that the industry felt “needs improvement.”

A steel deal between the US and Japan is caught in an election year fight as Biden and Trump vie for swing-state votes https://t.co/Ww4Mpc6fKe

— Bloomberg Markets (@markets) April 14, 2024

Genki Oda, the Founder of BITPoint and the Vice Chairman of the self-regulating Japan Crypto Asset Exchange Association concurred. Oda said:

“Almost all of the [industry’s] requests have been included [in the white paper]. It is important to carry out [these reforms] in the future. We will take steps to ensure it becomes a reality.”

The post Japan’s Ruling Party Urges ‘Immediate’ Crypto Tax Reform appeared first on Cryptonews.

Share10Tweet6ShareSharePin2

Related Posts

BitMEX Uncovers Security Flaws in North Korea’s Lazarus Group Operations
All news

BitMEX Uncovers Security Flaws in North Korea’s Lazarus Group Operations

01.06.2025
0

Key Takeaways: BitMEX uncovered major security flaws in North Korea’s Lazarus Group. A rare IP leak exposed a hacker’s location...

Read moreDetails
WEMIX Faces June 2 Delisting After Court Ruling – Can the Gaming Token Bounce Back?

WEMIX Faces June 2 Delisting After Court Ruling – Can the Gaming Token Bounce Back?

01.06.2025
Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit

Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit

01.06.2025
JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

01.06.2025
Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

01.06.2025
Load More
Next Post
Digital Ruble Rollout Will Cost Russian Banks $536m a Year – Experts

Digital Ruble Rollout Will Cost Russian Banks $536m a Year – Experts

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

War, CPI and $28K BTC price — 5 things to know in Bitcoin this week

War, CPI and $28K BTC price — 5 things to know in Bitcoin this week

2 years ago
With continued Bitcoin adoption comes tamer price action, trader argues

With continued Bitcoin adoption comes tamer price action, trader argues

2 years ago

Bloomberg Intelligence Believes Spot Bitcoin ETF Could Launch This Week in the US

2 years ago
First Photo of Sam Bankman-Fried Released, Former Fellow Inmate Tells Biden to “Free Sam”

First Photo of Sam Bankman-Fried Released, Former Fellow Inmate Tells Biden to “Free Sam”

1 year ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

Two NYPD Allegedly Officers Caught in Crypto Kidnapping Storm, Duties Curtailed

Bitcoin Price Prediction: Post-$827M Liquidation Carnage – Can BTC Reclaim $104k Amid ETF Inflows?

Ethereum Price Prediction: ETH at $2,517 After Sharplink Gaming’s $48M Institutional Buy-in News — SEC Filing Sparks Bullish Sentiment

BlackRock’s IBIT Sees $430M Outflow, Ending 31-Day Inflow Streak

Trending

BitMEX Uncovers Security Flaws in North Korea’s Lazarus Group Operations
All news

BitMEX Uncovers Security Flaws in North Korea’s Lazarus Group Operations

01.06.2025
0

Key Takeaways: BitMEX uncovered major security flaws in North Korea’s Lazarus Group. A rare IP leak exposed...

WEMIX Faces June 2 Delisting After Court Ruling – Can the Gaming Token Bounce Back?

WEMIX Faces June 2 Delisting After Court Ruling – Can the Gaming Token Bounce Back?

01.06.2025
Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit

Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit

01.06.2025
JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

01.06.2025
Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

01.06.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz