JCBA Discusses Crypto Asset Tax Reform At WebX Conference

According to Odaily, the Japan Crypto Asset Business Association (JCBA) addressed the topic of crypto asset tax reform at the 2024 international Web3 conference, 'WebX.' The JCBA proposed four key tax reform suggestions, including changing the personal crypto asset income tax from miscellaneous income (up to 55%) to separate self-assessment taxation (a flat 20%). Experts emphasized the importance of further environmental adjustments considering the unique characteristics of crypto assets and called for public engagement in the tax reform discussions. The conference also explored the possibility of treating crypto assets as transfer income and how tax reforms could promote crypto asset investment and innovation.