The Japan Crypto Asset Business Association proposes to change the personal income tax on encrypted assets from a maximum of 55% to a unified 20%

Odaily Planet Daily News: At the international Web3 conference "WebX" in 2024, the Japan Cryptocurrency Business Association (JCBA) discussed the reform of the cryptocurrency tax system. JCBA has proposed four tax reform proposals, including changing the income tax on personal encrypted assets from miscellaneous income (up to 55%) to separate tax reporting (unified 20%). Experts emphasized the importance of further environmental rectification considering the specificity of encrypted assets and called on the public to actively participate in discussions on tax reform. The meeting also discussed the possibility of treating encrypted assets as transfer income and how to promote investment and innovation in encrypted assets through tax reform.