fbpx
  • Price Tracker
  • Guest Post
  • Advertising & Partnership
  • Press Release
  • Editorial Policy
Coin Culture
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki
No Result
View All Result
Coin Culture
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki
No Result
View All Result
Coin Culture Logo
No Result
View All Result

Home » Japan’s Ruling Party Calls for ‘Immediate’ Crypto Tax Reforms

Japan’s Ruling Party Calls for ‘Immediate’ Crypto Tax Reforms

Van Tran by Van Tran
April 16, 2024
in Policy & Regulation
Japan's Ruling Party Calls for 'Immediate' Crypto Tax Reforms
Share on FacebookShare on Twitter

Japan’s ruling Liberal Democratic Party is advocating for “immediate” reforms to the country’s crypto tax regulations. According to an official party release and a report from the Japanese-language media outlet CoinPost, the party’s web3 project team introduced a “White Paper” on April 12, outlining proposed crypto tax policy changes.

You might also like

SEC Advances Appeal in Ripple Case, Challenging Earlier Ruling on XRP Sales

Australia, Canada, and Colombia made right decisions to halt CBDC plans

IMF Once Again Urges El Salvador to Strengthen Regulatory Framework and Oversight of Bitcoin

The proposed reform suggests separating crypto asset transaction profits and losses for self-assessment taxation, as opposed to the current system, which requires crypto traders to include profits and losses in their annual income declarations. The team emphasised the need for immediate action on this issue, and the report has been submitted to the party’s Digital Society Promotion unit.

Currently, Japanese taxpayers must declare all crypto-related earnings as “other income.” This tax structure leads to low-earning individuals paying as little as 11% on crypto trading profits, while those in higher tax brackets could face rates of over 50%. In most other countries, crypto trading profits are taxed as capital gains, similar to assets like 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 long called for Tokyo to adjust its approach, and Prime Minister Fumio Kishida has demonstrated a pro-web3 stance, supporting NFT-powered economic growth and indicating a willingness to reform tax laws.

Kishida’s stance led to tax reform for corporations, allowing them to forego taxes on “unrealized” gains—referring to crypto assets that appreciate in value over a financial year but are not sold for fiat currency during the same period.

If the Digital Society Promotion unit approves the individual trader tax reform, it will progress to the Political Affairs Research Council. If the council approves, the tax reform will become official party policy, enabling lawmakers to present a bill to the National Diet.

Though these steps may take time, they should not pose significant obstacles to the web3 project team’s proposed changes. Given the ruling party’s long-standing dominance in Japanese politics, it appears to be a matter of “when,” not “if,” for Japanese crypto traders hoping for tax reform.

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

The white paper’s authors aim to place Japan at the forefront of the web3 revolution, advocating for the development of blockchain technology in social infrastructure projects. In addition to separating crypto profits taxation from income tax, the proposed changes would allow traders to defer losses for up to three years.

The white paper’s authors also proposed revisiting Japan’s strict crypto leverage trading rules, which have challenged Japanese exchanges for some time. Japanese crypto industry insiders have responded positively, noting that the white paper addresses many of their requests and sets the stage for future reforms.

Tags: Crypto Tax
Van Tran

Van Tran


EDUCATION
Bachelor of Finance, University of Virginia
SUMARY Van Tran brings over a decade of experience in the financial services industry, with a specialisation in cryptocurrency. She used to serve as a Senior Crypto Writer at Coin68, where she managed ecosystem and trading guide columns and led the trading department. Her expertise includes trade review, compliance, suitability evaluation, and supervisory programs.
EXPERIENCE
Senior Crypto Writer, Coin68 (2020-2022) Managed ecosystem and trading guide columns. Led the trading department, overseeing trade review and compliance. Evaluated suitability and ensured compliance with education requirements. Implemented and supervised compliance programs for representatives.

Recommended For You

SEC Advances Appeal in Ripple Case, Challenging Earlier Ruling on XRP Sales

by Van Tran
October 18, 2024
0
SEC Advances Appeal in Ripple Case, Challenging Earlier Ruling on XRP Sales

The U.S. Securities and Exchange Commission (SEC) has taken further steps in its appeal against a previous ruling in its ongoing legal battle with Ripple Labs. Late Thursday,...

Read more

Australia, Canada, and Colombia made right decisions to halt CBDC plans

by Van Tran
October 12, 2024
0
Australia, Canada, and Colombia made right decisions to halt CBDC plans

Australia, Canada, and Colombia have recently put brakes on their plans to launch central bank digital currencies (CBDCs). Interestingly, the opposition this time is coming not just from...

Read more

IMF Once Again Urges El Salvador to Strengthen Regulatory Framework and Oversight of Bitcoin

by Van Tran
October 7, 2024
0
IMF Once Again Urges El Salvador to Strengthen Regulatory Framework and Oversight of Bitcoin

The International Monetary Fund (IMF) has once again urged El Salvador to refine its Bitcoin law and strengthen regulatory oversight of its Bitcoin ecosystem.  During a press conference,...

Read more

SEC Requests Four-Month Extension to Submit Documents in Coinbase Case

by Van Tran
September 21, 2024
0
SEC Requests Four-Month Extension to Submit Documents in Coinbase Case

Following the current legal battle between the United States Securities and Exchange Commission and crypto exchange Coinbase, the SEC’s legal team has requested the court to allow them...

Read more

“Australia’s regulations haven’t kept up with innovation,” says crypto leaders

by Van Tran
September 20, 2024
0
“Australia’s regulations haven’t kept up with innovation,” says crypto leaders

Some crypto experts have expressed concerns about Australian laws to keep up with the development and adoption of digital currencies in the country. They suggest that the government’s...

Read more
Next Post
Breaking News: Hong Kong Approves Spot Bitcoin and Ethereum ETFs for Asset Managers

Breaking News: Hong Kong Approves Spot Bitcoin and Ethereum ETFs for Asset Managers

Most popular

  • Why Brands Should Adopt A ‘Hybrid DAO’ Model

    Why Brands Should Adopt A ‘Hybrid DAO’ Model

    184 shares
    Share 74 Tweet 46
  • Kucoin Review 2024: Features, Fees & More

    156 shares
    Share 62 Tweet 39
  • Coinbase vs Binance: A Side-By-Side Comparison 2023

    270 shares
    Share 108 Tweet 68
  • 20 Best Crypto Copy Trading Platforms: A Curated List 2024

    672 shares
    Share 269 Tweet 168
  • 11 Best Crypto Debit Cards In Australia: A Curated List 2024

    429 shares
    Share 172 Tweet 107

Recommended

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

November 9, 2024
Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency

Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency

November 8, 2024
Trump Declares Victory - What will the US Crypto be?

Trump Declares Victory – What will the US Crypto be?

November 6, 2024
Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

November 5, 2024
coin culture logo

Your Australian news source for all things cryptocurrency. Coin Culture is an independent media outlet that aims to provide an Aussie take on crypto, digital assets, and investing.

Hot Topics

  • DeFi
  • NFT
  • Gaming

Top articles

CoinSpot Review
Swyftx Review
Best Crypto Exchanges Australia
CoinSpot vs Swyftx

BROWSE BY TAG

Altcoin News Bitcoin CoinSpot Cryptocurrencies Crypto Exchange Crypto Tax DeFi Dogecoin Dogecoin News ETF Ethereum Feature FED FTX Games hacks Layer2 Markets meme Metaverse Mining NFT Opinion People Policy and Regulation Polygon SEC Security Solana News Stablecoins Tech Top Crypto News Australia | CoinCulture Trading US web3 XRP News

RECENT POSTS

  • Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push
  • Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency
  • Trump Declares Victory – What will the US Crypto be?

© 2023 CoinCulture. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.
  • bitcoinBitcoin(BTC)$105,989.00-1.04%
    BITCOIN
    24H : -1.04%
    Volume : $37,992,935,529.00
    Marketcap : $2,105,057,940,430.00
  • ethereumEthereum(ETH)$2,653.771.19%
    ETHEREUM
    24H : 1.19%
    Volume : $26,901,536,364.00
    Marketcap : $320,299,036,734.00
  • tetherTether(USDT)$1.000-0.01%
    TETHER
    24H : -0.01%
    Volume : $66,945,781,173.00
    Marketcap : $153,026,268,854.00
  • rippleXRP(XRP)$2.271.18%
    XRP
    24H : 1.18%
    Volume : $2,134,122,709.00
    Marketcap : $132,920,790,906.00
  • binancecoinBNB(BNB)$676.48-1.21%
    BNB
    24H : -1.21%
    Volume : $921,908,280.00
    Marketcap : $98,679,438,217.00
  • solanaSolana(SOL)$166.92-1.59%
    SOLANA
    24H : -1.59%
    Volume : $3,771,589,348.00
    Marketcap : $86,843,450,309.00
  • usd-coinUSDC(USDC)$1.0000.00%
    USDC
    24H : 0.00%
    Volume : $6,818,692,018.00
    Marketcap : $61,154,057,169.00
  • dogecoinDogecoin(DOGE)$0.217-0.23%
    DOGECOIN
    24H : -0.23%
    Volume : $1,465,062,380.00
    Marketcap : $32,405,099,763.00
  • cardanoCardano(ADA)$0.729-0.86%
    CARDANO
    24H : -0.86%
    Volume : $645,224,048.00
    Marketcap : $26,266,664,412.00
  • tronTRON(TRX)$0.2760.550%
    TRON
    24H : 0.550%
    Volume : $632,689,758.00
    Marketcap : $26,147,588,063.00

Add New Playlist

No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki

© 2023 CoinCulture. All rights reserved.