Japan Considers Lowering Crypto Tax Rate to Unified 20% from Current 55%

[Ujok]

even though the government has lowered the tax rate to 20% from 55%, it is still very high I think, this makes traders object to this tax rate. but the government may have a purpose in setting this and I also don't really understand this problem l, it's just that this is my opinion from my point of view.

[Faisal2202]

Few months ago, it's known that Japan Blockchain Association (JBA) made petition to reduce tax which discussed here. And to be clear, cryptocurrency tax in Japan is up to 55% depending on how much someone earn. Your opinion is greatly appreciated.

I am quite late to respond on this topic, but really it's a good thing that they reduced the tax. I mean,, 55% was too much. giving half of what you earn to the government will motivate the citizens to adopt anonymous ways to make investments. I don't know what's the method for them to not get caught but 20% seems to be high as well but in compared to 55% it's acceptable.

I say there should not be any type of tax on crypto, especially since crypto is not their currency, as if we are talking about BTC, then it's independent money, and the government should not have to take a reward on our investments like BTC.

[bayu7adi]

I say there should not be any type of tax on crypto, especially since crypto is not their currency, as if we are talking about BTC, then it's independent money, and the government should not have to take a reward on our investments like BTC.

At least it is allowed to operate legally using cryptocurrency, and 20% is better than not being allowed at all by the government... but 55% is inhumane, because I am used to 10%-15% tax in my country, while for cryptocurrency tax is only charged 1% of the total transaction.

Maybe lowering taxes can stimulate crypto activists from the cherry blossom country to be more active in developing the cryptocurrency economy.

[Faisal2202]

At least it is allowed to operate legally using cryptocurrency, and 20% is better than not being allowed at all by the government... but 55% is inhumane, because I am used to 10%-15% tax in my country, while for cryptocurrency tax is only charged 1% of the total transaction.

Maybe lowering taxes can stimulate crypto activists from the cherry blossom country to be more active in developing the cryptocurrency economy.

I agree with you that a 20% tax is much better than not being allowed, but 55% is not better than not being allowed. Because in our country the government has now allowed us to perform trading, when we will get scammed we won't be getting any help from crypto, but still, many of the people are into crypto and making a living from it.

The point is the government should take advantage of such a situation and impose a small tax so they could generate some revenue as well. You are right in the last line as well as lowering taxes will motivate people to pay tax and they won't seek alternative ways to minimize it.