According to TechFlow, on October 21, Yuichiro Tamaki, leader of the Democratic Party of Japan, proposed a crypto tax plan that would reduce taxes on crypto gains to 20% if he were elected.

Tamaki said in an X post: "If you think crypto assets should be taxed separately at 20% instead of being treated as miscellaneous income, vote for the People's Democratic Party."

But the plan may be far from being realized, as the Democratic Party currently holds only 7 of the 465 seats in the House of Representatives, the lower house of the Japanese parliament.

According to Tamaki's plan, no tax event will be triggered when exchanging one crypto asset for another.