The CEO of SBI Holdings, Yoshitaka Kitao, has expressed dissatisfaction with Japan's cryptocurrency tax policy, criticizing the Prime Minister for high tax rates.
Crypto Taxes in Japan
Japan's tax system imposes up to 55% tax on crypto gains, with cases where it can exceed 100% when inheritance is included. Yoshitaka Kitao proposed a revision to cap taxes at 20%, similar to stocks.
Critique of PM and Opposition
Kitao pointed out that Prime Minister Shigeru Ishiba is the only one not convinced about lowering crypto taxes to 20%. He also stated that the ruling party is being manipulated by opposition leader Yuichiro Tamaki and the Democratic Party for the People. Kitao attributed the weak yen to a decline in national power and rising food prices that do not match wage growth.
Kitao's Stance on XRP
Yoshitaka Kitao has become a key figure in Japanese finance and cryptocurrency, notably through his company's involvement with Ripple and XRP. In May 2024, SBI VC Trade began operating as a validator for the XRP Ledger. SBI Holdings also uses XRP to reward shareholders and has launched an exclusive NFT project with Solana Superteam Japan.
Japan faces challenges in staying competitive in the cryptocurrency space due to its tax policy. Yoshitaka Kitao continues to advocate for change in this area.
