Japanese regulators call for a reduction in cryptocurrency tax rates by 2025

2024-09-04 14:39:37

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ChainCatcher News, Japan's financial regulatory agency has released a comprehensive tax reform plan for the fiscal year 2025, which includes provisions for cryptocurrency to lower its tax rate.

In the tax reform request on August 30, the Financial Services Agency (FSA) of Japan emphasized cryptocurrencies, advocating for them to be treated as traditional financial assets available for public investment. The FSA stated, "Regarding the tax treatment of cryptocurrency transactions, cryptocurrencies should be regarded as financial assets and should become investment targets for the public."

According to the cryptocurrency accounting firm TokenTax, profits from cryptocurrencies in Japan are currently taxed as miscellaneous income, with tax rates ranging from 15% to 55%.

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