Japanese politician proposes relaxing crypto laws to boost adoption
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Japanese lawmaker Takeshi Fujimaki has proposed four crypto tax-reforms “to promote the wider [spread] of virtual currency into society." The opposition-party politician, who has been a vocal advocate for reforms in the space, recommended putting crypto laws closer in line with taxes on stocks and mutual funds. He proposes:
- Taxing gains from crypto investments at 20% rather than the maximum of 55%;
- Allowing past crypto-losses to be deducted from profits in subsequent years;
- Making profits from trading between two virtual tokens tax exempt (ie. when trading bitcoin into XRP);
- Making all payments made in crypto (for instance, at a cafe) exempt from sales-tax.
Fujimaki said he hoped the reforms would make filing taxes on crypto less "cumbersome" and would "increase the volume of transactions between virtual currencies and [] revitalize the virtual currency market." He is not alone, with Japan's Tax Commision also exploring ways to ensure crypto gains are more accurately reported. (Source: CoinDesk)
AUTHOR
Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.
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