Japan Will Reduce Crypto Taxes to 20% Uniform Rate, Benefiting Local Bitcoin Dealers

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The government is in favor of the proposed tax amendment, which will classify cryptocurrency revenues under a distinct taxing system.

Important Quotes:

1) To bring cryptocurrency gains into line with stocks and investment trusts, Japan intends to impose a flat 20% tax on them.

2) The government is in favor of the proposed tax amendment, which will classify cryptocurrency revenues under a distinct taxing system.

3) Currently, progressive taxation on cryptocurrency earnings in Japan can exceed 55%, which discourages domestic trade.