Japan: investors more inclined to buy bitcoin with favorable…
Atlas21 (Newsroom)Crypto tax reform in Japan: a flat 20% trading tax would gain strong support from market participants.
According to a recent survey conducted by the Japan Blockchain Association (JBA), which polled 1,500 Japanese adults aged between 20 and 69, most current investors in bitcoin, ether, and other cryptocurrencies say they would increase their exposure if the government were to introduce a dedicated tax reform for the crypto sector.
The survey shows that introducing a flat 20% tax rate on trading profits could change the market landscape. When asked, “Do you own bitcoin or other cryptocurrencies?”, 13% of respondents answered yes.
In response to the follow-up question, “Would you buy crypto/more crypto if the government set a flat 20% tax rate on crypto profits?”, 84% of the 191 crypto holders said “yes.” Additionally, 12% of the 1,309 non-holders stated they would start buying digital assets if the government approved favorable tax reforms.
Currently, crypto profits in Japan are taxed as “miscellaneous income,” with rates reaching up to 55%. This system, according to entrepreneurs and investors, is holding back market growth and discouraging new participants.
The Japan Blockchain Association, which represents the country’s major exchanges and operators, officially submitted a petition on July 18, asking the Financial Services Agency (FSA) to authorize a new crypto tax framework. The proposal includes a flat 20% tax to replace the current system. At the same time, the JBA is calling for taxpayers to be allowed to choose how to pay their taxes—either directly at the point of sale or through annual tax filings. The final decision, however, lies with the FSA, whose recommendations are typically adopted by the government.
The post Japan: investors more inclined to buy bitcoin with favorable tax reforms appeared first on Atlas21.
Generated by RSStT. The copyright belongs to the original author.