Japan’s Finance Minister Ponders Change Of Crypto Tax Policy

Financial regulators from Japan are worried about the country’s decisions on Tax gains from cryptocurrencies.

According to Reuters, Senator Kenji Fukimaki, in a meeting with the budget committee of the Upper House on June 25 asked the gathering whether the country’s tax policy on cryptocurrency profits could be changed from its current “miscellaneous income” classification to “separate declared taxation.” The deputy prime minister and minister of finance, Taro Aso, also stated that he was very careful about making such a change.

Also added that the overall population would see such a change. He referred to the “international nature” of cryptocurrency as one motivation behind why Japanese residents may dislike a change in tax classification. The finance minister also said he was uncertain in regards to the “tax fairness” of making such a change.

Currently, the benefits earned by investors in cryptocurrencies can be burdened in the proximity of 15 and 55 percent, because of the various pay rules, according to Bloomberg. Stock benefits, “which are treated more like separate declared taxes, are taxed at roughly 20 percent in the country”.

While the finance minister has questions about cryptocurrency taxation, he still bolsters for blockchain technology in general, saying they have utilizes separated from cryptocurrencies.