Most recently, Yuichiro Tamaki, the leader of the Democratic Party for the People of Japan, proposed lowering taxes imposed on crypto gains to 20% if elected in the next election.
As per his post dated October 20, 2024, he said his party is proposing a tax cut over gains from crypto and also aims to introduce revised reform cornering cryptocurrencies.
Yuichiro quotes, “ If you think crypto assets should be taxed separately at 20% instead of being treated as miscellaneous income, please vote for the Democratic party for people”.
The post further reads that there will be no charges/ taxes over the swapping or exchange of a particular cryptocurrency with another. As per market experts, Japan’s surged adoption of digital assets has backed the curiosity among the nation’s top-notch leaders.
In terms of technology, Japan is among the leading nations worldwide; now, the involvement of its former leaders and huge crypto user base might shape the entire crypto market of Japan in the coming years.
Nowadays, talking about cryptocurrencies has become an agenda for many leaders worldwide, and those not in power are also embracing crypto. Earlier this month, the former finance minister also embraced digital assets and their potential during a lecture at a university.
Crypto to Play a Crucial Role in Japan’s General Election 2024!
There are major claims that the results might see little impact on the yet-to-be-held general elections in Japan set on October 27, 2024. In Japan, the recorded number of crypto users is above 10 million, and the figure is expected to reach 19.50 million by 2025 end.
The recent statement by the leader of the Democratic Party for the People might blow a spark in the regional crypto market and might also see favoritism from the section of society highly involved in cryptocurrencies.
According to several news articles and research studies, there are more possibilities of change in power in the upcoming election. Yet it is crucial to note that several other agendas will help the nation decide its representative.
The role of cryptocurrencies and related discussion will play a lesser role in shaping the government compared to the crypto penetration rate in United States politics. The results of both elections are expected to be in the same month, and one of them is expected to be fully dominated by the crypto and digital assets agenda.
When writing, the winning percentage of former president Donald Trump was 61.1%, and Kamala Harris stands at 36% on the Polymarket, a leading prediction market.
However, in the past few days, several media firms and political leaders of the U.S. have accused the market of manipulating the winning percentage to create hype before polling.
Reuters reported in a recent article that the ruling party of Japan could lose the throne as many surveys and opinion pools by leading firms do not favor the current government. The media outlet quoted the statement of a politics expert and professor at Tokyo’s Temple University “ I think that the LDP will cover, along with its coalition ally Komeito, the majority that it needs.”