The latter recently called on Tokyo to scrap the current system and give local enterprises that hold or issue cryptoassets even more tax breaks.
At a meeting of the parliamentary budget committee the following day, Tamaki pressed the PM on the issue once more. Tamaki said that corporations and individuals should only be taxed “when true [fiat] profits are realized,” i.e. when coins are traded for fiat.
To this, the Prime Minister simply answered, “We will consider this proposal carefully.”
However, Tamaki wrote on Twitter that following the meeting, Kishida and Finance Minister Shunichi Suzuki walked over to greet him. When the leader of the Democratic Party for the People broached the matter of taxation again, the PM agreed that doing so would create “opportunity for Japan” – and was “surprise favorable” about scrapping the current system.
“It’s good news” Tamiki said of the development.
Internal forces inside the Prime Minister’s own party, the ruling Liberal Democratic Party, are thought to be interested in changing the tax code. Some critics have pointed out that the majority of other countries with mature crypto tax legislation have chosen to tax cryptocurrency revenues via capital gains tax protocols.
