Did you know? “Japanese party leader promises: drastic cut in crypto taxes if elected”

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Tax cut to 20% is part of leader Yuichiro Tamaki’s broader plan to make Japan a Web3 leader.

Japanese leader Yuichiro Tamaki has proposed a crypto tax plan that would reduce taxes on crypto gains to 20% if he is elected.

“If you think crypto assets should be taxed separately at a 20% rate instead of being treated as miscellaneous income, please vote,” Tamaki said in an Oct. 20 translated X post.

However, the plan may be far from being realized, as leader Tamaki currently holds only 7 of the 465 seats in the House of Representatives, the lower house of Japan’s parliament.

A 20% tax on cryptocurrency gains would bring it in line with the tax paid on stock market profits.

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