- Japan’s DPP leader proposes a 20% tax rate on crypto assets and a three-year loss carryover.
- Yuichiro Tamaki advocates for increasing crypto trading leverage from 2x to 10x for investors.
- The party aims to promote digital regional currencies to boost local economies.
Yuichiro Tamaki, leader of Japan’s Democratic Party for the People (DPP), is advocating for major changes in the nation’s cryptocurrency tax laws ahead of the upcoming general election. His plan focuses on positioning Japan as a leader in the web3 space by promoting regulations that favor investors.
【拡散希望】
暗号資産に関して明確な減税&規制改革を打ち出しているのが国民民主党です。暗号資産を雑所得ではなく分離課税20%にすべきと考える人は国民民主党に入れてください。暗号資産同士の交換時には税金をかけません。
こうした国民民主党の公約を拡散していただければ幸いです。… pic.twitter.com/hpbX966yTJ
— 玉木雄一郎(国民民主党代表) (@tamakiyuichiro)
October 20, 2024
As the nation gears up for elections, Tamaki has become a key figure in pushing for a separate tax category for cryptocurrency assets, proposing a fixed 20% rate. This proposal marks a significant shift from the current system, where crypto gains are classified as miscellaneous income.
Tamaki’s goal is to ease the burden on traders and investors while fostering a more crypto-friendly environment to stimulate innovation and strengthen Japan’s standing as a global leader in the expanding web3 and digital asset markets.
In addition to the tax rate reduction, his party has proposed several initiatives, such as eliminating taxes on crypto-to-crypto exchanges and allowing investors to carry over losses for three years to offset future profits. Another significant change would be raising the leverage limit in cryptocurrency trading from 2x to 10x.
Tamaki Supports Crypto ETFs and the Digital Yen
By backing these reforms, Tamaki’s party aims to provide more flexibility and financial incentives for both individuals and companies involved in Japan’s evolving cryptocurrency ecosystem. The party is also in favor of introducing cryptocurrency exchange-traded funds (ETFs) and exploring the conversion of the yen into electronic currency, aligning with the global shift towards digital currencies.
Moreover, Tamaki’s reforms include the issuance of regional digital currencies by local governments. These currencies are intended to help struggling local economies integrate new technologies, further demonstrating Tamaki’s forward-thinking approach to Japan’s digital future.
Tamaki envisions a crypto-friendly regulatory framework that can attract global investment while fostering a more competitive, innovation-driven economy. His proposals mark a significant transformation in how Japan approaches the regulation and adoption of digital assets and cryptocurrencies.
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https://coinniu.com/japans-digital-future-tamaki-proposes-crypto-tax-cuts-and-digital-yen/