Japanese PM Announces Crypto Tax Reform
Date: 2025-02-04 Author: Oliver Abernathy Categories: IN WORLD
At a meeting of the Budget Committee of the Japanese Diet, Prime Minister Shigeru Ishiba said that financial regulators are considering a reform of the cryptocurrency tax system in 2025. According to him, the goal of the changes is to create conditions under which digital assets can contribute to the country's economic development.
Among the proposals is a bill providing for the introduction of a separate tax on income and losses from cryptocurrency transactions.
“Japan is interested in developing the digital asset industry and Web 3.0, but the existing regulations and high tax rates create obstacles to the growth of the sector. This puts us at a disadvantage compared to other countries,” Ishiba emphasized.
Finance Minister Katsunobu Kato said that the Financial Services Agency of Japan (FSA) is developing a new classification of digital assets and revised tax legislation. The updated regulations are expected to be presented by mid-2025.
Earlier, the Prime Minister also noted that at this stage Japan is not ready to create a strategic reserve of bitcoins, since the mechanism for its implementation remains unclear.
