Japan plans to reform cryptocurrency taxation, which may result in lower tax rates

According to Bloomberg, Japanese Prime Minister Shigeru Ishiba has pledged to hold bipartisan discussions for comprehensive tax reform, after which Japan will continue to push the proposed economic stimulus plan. The economic stimulus package is expected to be approved by the end of 2024, and the proposed tax reform measures include changes in income tax, corporate tax, and cryptocurrency tax. This represents a policy shift by the ruling party that had previously been calling for increased taxes. Japan's current taxation policy on cryptocurrencies relies on a vague and variable "miscellaneous tax", which reportedly can levy up to 55% of transactions. The opposition party calls for a uniform 20% rate on digital assets while adopting various other tax reduction measures.