Yuichiro Tamaki, leader of Japan’s Democratic Party for the People (DPP), has proposed a crypto tax reform to support the growth of a token economy.

Proposal for Lowering Crypto Taxes

Tamaki's plan suggests lowering the taxation on crypto gains to a 20% separate declaration. The proposal includes carrying forward losses for three years and exempting taxes on exchanging one crypto asset for another.

Reassessing Crypto Framework

Japan is considering reviewing its crypto asset regulations, potentially opening the door for crypto ETFs. The evaluation will cover the current framework under the Payments Services Act and the Financial Instruments and Exchange Act.

Conclusion

If implemented, Tamaki’s proposed reforms could lead to significant changes in Japan's financial system and strengthen its position in the Web3 and NFT markets.

Tamaki's proposed reforms aim to create a more modern financial approach in Japan, positioning the country as a leader in Web3 and NFT.