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, including Web3 and NFTs if he wins the election.
His plan would lower the taxation on crypto gains to a 20% separate declaration tax instead of treating them as miscellaneous income.
Proposal for Lowering Crypto Taxes
According to the campaign document, Tamaki suggested allowing losses to be carried forward for three years and exempting taxes on exchanging one crypto asset for the other.
Other proposals include raising leverage limits from 2x to 10x and introducing crypto exchange-traded funds (ETFs). The reform plan also addresses monetary innovation at the regional level. This involves digitizing the yen and empowering local governments to create their own digital currencies. The end goal is to boost regional economies. Such steps could potentially direct Japan…
