Cryptocurrency Taxation Discussed in Diet's Supplementary Budget Deliberations

On the 8th, Mitsugu Kishida, Vice Chairman of the Policy Research Council of the Democratic Party for the People, represented his party in questioning Minister Katayama during his financial speech on the supplementary budget. He addressed the '1.03 million yen barrier' and the scale of the supplementary budget, as well as demanding a fundamental reform of the taxation system related to cryptocurrencies. Kishida emphasized that Web3 and decentralized technologies are crucial in global industrial competition and are areas that Japan should address without delay. Under the current system, profits from crypto assets are taxed as miscellaneous income at a comprehensive taxation rate of up to 55%. Kishida argued that this system is detrimental to domestic businesses and investors...