Japan’s Prime Minister Reportedly Open to Idea of Crypto Tax Reform
The Japanese Prime Minister Fumio Kishida has indicated that he may be open to reforming the nation’s much-maligned crypto tax laws in a bid to spark Web3-related growth.Kishida last week addressed parliament, opining that Web 3 could spark economic growth, and suggesting that he could be prepared to push ahead with pro-business legal reform.
But critics have claimed that Japanese crypto-related business and talent had been forced overseas by overly strict crypto tax policies introduced by previous PMs and their governments. One of the most vocal opponents of the current crypto tax policy, which involves crypto being classified as miscellaneous income (rather than taxing crypto profits under capital gains laws) has been the opposition Democratic Party for the People Leader Yuichiro Tamaki.
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