Japanese regulator calls for lower cryptocurrency tax rates by 2025

Japan's financial regulator has released a comprehensive tax law reform plan for fiscal year 2025, which includes provisions for crypto assets to reduce their tax rates. In its tax reform request on August 30, the Financial Services Agency (FSA) of Japan highlighted crypto assets, pushing for them to be treated as traditional financial assets available for public investment. "Regarding the tax treatment of cryptocurrency transactions, cryptocurrency should be regarded as a financial asset and should be an investment target for the public," the FSA wrote. According to cryptocurrency accounting firm TokenTax, cryptocurrency profits in Japan are currently taxed as miscellaneous income at rates between 15% and 55%. (Cointelegraph)