Japan pushes to reduce cryptocurrency tax rates...maximum tax rate "55->20%"

"Cryptocurrency tax-free income increased from 9.29 million won to 15.86 million won"
The bill is expected to be approved later this year and take full effect next year.

The Japanese government is considering drastic tax cuts on cryptocurrency as part of its economic stimulus measures, local media reported on the 20th.

Currently, Japan is taxing cryptocurrencies at a maximum rate of 55%. The plan is to reduce this to a flat rate of 20%. In addition, a plan to increase the tax-free income of cryptocurrency investors from the current $6,650 (about 9.29 million won) to $11,345 (about 15.86 million won) is also being considered.

According to local media, the ruling and opposition parties in Japan's parliament are currently discussing tax reform, and the tax reform bill is expected to receive government approval by the end of this year and come into full effect next year.

Japan’s ruling Liberal Democratic Party previously announced a hike in the cryptocurrency tax rate in Japan, but has now moved to cut taxes as part of efforts to boost the economy and strengthen the cryptocurrency industry in Japan. Japanese Prime Minister Shigeru said, “We are leading bipartisan cooperation in the reforms currently being promoted to ease the financial burden on cryptocurrency investors and strengthen Japan’s position in the cryptocurrency market through cryptocurrency innovation.”

Reporter Kwon Seung-won ksw@blockstreet.co.kr