Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.
The country currently taxes crypto profits as income, which can result in a 45% tax rate for high earners.Japan's Financial Services Agency said it's worth considering if crypto holdings should be taxed as financial assets rather than as income.
“Regarding the tax treatment of crypto asset transactions, it is necessary to consider whether crypto assets should be treated as financial assets that should be the subject of investment for the public,” Any change might lead to the highest-earning crypto holders paying a lower rate of tax. The country currently taxes crypto, which can be as high as 45% for people earning over 40,000,000 yen . Capital gains from sales of securities such as shares face a flat rate of 20%.
"It is expected that crypto assets will contribute to the expansion of wages and the creation of household assets, but their use by individual investors is currently limited," the report said.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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