ChainCatcher news, according to Coinpost, the Web3 working group of the Liberal Democratic Party's Digital Society Promotion Headquarters, led by Representative Akihisa Shiozaki, reported that the LDP's Policy Research Council officially approved the "Emergency Proposal on Transforming Cryptocurrency Assets into Beneficial National Economic Assets" on the 19th.The report pointed out that under the current tax system, income generated from cryptocurrency transactions is generally classified as miscellaneous income and is subject to comprehensive taxation at a maximum rate of 55% (combined income tax and resident tax), which is harsher than in other countries. The report also mentioned that the taxation of cryptocurrency assets is stricter than in other countries.In light of the above points, and whether cryptocurrency assets should be considered financial assets for public investment, the following should be considered:Change the treatment of gains and losses from cryptocurrency transactions to implement a "separate declaration taxation" system at a 20% tax rate.Allow losses from cryptocurrency income to be carried forward for deduction (to be used within the next 3 years).Apply the "separate declaration taxation" system to cryptocurrency derivatives trading as well.

ChainCatcher news, according to Coinpost, the Financial Services Agency of Japan has released the tax reform requirements for the fiscal year 2025, which include regulations related to crypto assets (virtual currencies). The section of the reform plan titled "Asset Yield Doubling Plan and Realization of Asset Management Nation" for the first time addresses the tax treatment of virtual currency transactions, discussing whether virtual currencies should be treated as financial assets.This tax reform request was proposed by various government agencies and will be reviewed by the ruling party's tax system investigation committee and the National Diet after submission. Although the amendment request has been submitted, a final decision has not yet been made. Over the past two years, there has been a persistent call for tax system reform for virtual currency businesses, and while this specific amendment does not provide detailed explanations, it is the first time that virtual currency transactions have been mentioned.

ChainCatcher news, according to Bitcoin.com, the Spanish Treasury is seeking to control and supervise cryptocurrency assets owned by taxpayers. The agency has proposed reforms to the current tax law, allowing the national tax authority Agencia Tributaria to seize cryptocurrencies held by taxpayers when enforcing tax debts. This proposal, submitted to the European Union (EU) in 2021, may soon be implemented, as local sources explain that the government is rapidly taking action to create the necessary conditions for the reform's implementation.The Spanish government has issued a royal decree declaring electronic money entities as tax collection agencies, meaning these entities must take embargo actions on customers' digital currencies and crypto assets when requested by the government, whereas previously only traditional banks and credit institutions were required to fulfill this duty.

According to ChainCatcher news, as reported by Coinpost, the Japanese government approved the tax reform outline for the fiscal year 2024 at the cabinet meeting on the 22nd. The amendment includes the following changes: companies holding third-party issued crypto assets (virtual currencies) will not be subject to market value taxation.Through this tax reform, the scope of year-end market value assessment in the corporate income tax law will change. Previously, third-party issued crypto assets (virtual currencies) held by corporations were accounted for at year-end based on the difference between market value and book value as profit or loss. However, through this reform, for long-term holdings, this market value assessment will be eliminated.The bill will be submitted to the Diet in January next year and will require approval from both the House of Representatives and the House of Councillors.