The leader of the Japanese Democratic Party promised to reduce cryptocurrency taxes after being elected

ChainCatcher News, Japanese Democratic Party leader Yuichiro Tamaki proposed a cryptocurrency tax plan that would lower the tax on crypto gains to 20% if he is elected.

Tamaki stated in an X post: "If you believe that crypto assets should be taxed separately at a rate of 20%, rather than being treated as miscellaneous income, please vote for the Democratic Party for the People."

However, the plan may be far from realization, as the Democratic Party currently holds only 7 of the 465 seats in the House of Representatives (the lower house of the National Diet of Japan).

According to Tamaki's plan, exchanging one cryptocurrency for another would not trigger any taxable events.