Japanese regulator calls for lower cryptocurrency tax rates by 2025
On September 4th, it was announced that Japan's financial regulatory agency has released a comprehensive tax reform plan for the fiscal year 2025, which includes regulations on cryptocurrency to lower its tax rate.
In the tax reform request on August 30th, the Financial Services Agency (FSA) of Japan emphasized cryptocurrency and pushed for it to be considered a traditional financial asset available for public investment. The FSA stated: "Regarding the tax treatment of cryptocurrency transactions, cryptocurrency should be considered a financial asset and should be a target for public investment."
According to the cryptocurrency accounting firm TokenTax, profits from cryptocurrency in Japan are currently taxed as miscellaneous income, with tax rates ranging from 15% to 55%.
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