Japan Association of New Economy (JANE) Requests FSA to Review Tax Scheme on Crypto Trading

The crypto community in Japan might see a new day soon as the Japanese Financial Services Agency has been requested by the Japan Association of New Economy (JANE), to significantly decrease the existing tax rate payable for earnings made via cryptocurrency transactions and trading. An application addressed to Japan's monetary controller, was sent by a team directed by Hiroshi Mikitani, the CEO of Rakuten – one of Japan's biggest e-commerce platforms. The application made a request to the FSA requesting that the tax plan used for cryptocurrencies be based on progressive taxation instead and not general taxation. Details of Japan's Crypto Tax Scheme Presently, all earnings from cryptocurrency trading transactions are taxed at 55 percent. The progressive taxation which is used generally for the stock exchange and foreign exchange transactions in the community will significantly lessen the tax percentage to about 20. The application also said that the FSA's regulation on the crypto sector