Yuichiro Tamaki, leader of Japan's Democratic Party for the People (DPP), has proposed a new tax plan for cryptocurrencies that would reduce the tax on gains to 20% if elected. Tamaki made this announcement in a post on X on October 20, saying:
"If you think crypto assets should be taxed separately at 20% instead of treated as miscellaneous income, please vote for the Democratic Party for the People."
However, Tamaki's proposal may not become a reality in the near future, as the DPP currently holds only 7 of the 465 seats in Japan's House of Representatives.
If Tamaki's plan is implemented, the tax on cryptocurrency gains would be on par with taxes paid on stock market profits.