The cryptocurrency industry is seeing a lot of activity this year, and not just because of new memes, coin pumps, or Bitcoin leading another rally. It has now become a hotly debated election issue, dividing voters and promising to lift the industry to new heights. And we’re not just talking about the United States elections Trump’s pro-cryptocurrency stance; The issue of digital currency as an electoral issue has spread to Japan, where its general elections are scheduled to be held on October 27.
Yuichiro Tamaki, leader of the Democratic Party for the People, recently promised this Tax cuts and reforms As part of the party’s efforts to mobilize support. Posting on his official Twitter/X account, Tamaki shared that his party follows crypto-friendly tax policies, offering tax cuts of up to 20%.
In a translated X post, Tamaki said:
“If you believe crypto assets should be taxed separately at 20% instead of treating them as miscellaneous income, please vote for the DPP.”
Tamaki Courts Crypto Crowd Ahead of General Election
This year’s elections are crucial for the country after months of financial scandals and unpopular leaders living the good life. The October 27 elections are scheduled to be held a year early, after Prime Minister Fumio Kishida resigned due to low approval ratings.
(I hope it spreads)
The Democratic Party of Japan proposes clear tax cuts and regulatory reforms regarding crypto assets.If you believe that crypto assets should be taxed separately at 20% instead of miscellaneous income, please join the Democratic Party of Japan. There is no tax when exchanging crypto assets.
I would be grateful if you would publish these promises made by the Democratic Party of Japan. … pic.twitter.com/hpbX966yTJ
— Yuichiro Tamaki (NDP representative) (@tamakiyuichiro) October 20, 2024
Tamaki’s Democratic Party for the People enters the election as the clear losing party, with the party controlling only seven of the 465 seats in the lower house of the national parliament. So, it is not surprising that the party is taking bold initiatives to attract as many voters as possible to the party.
In the same post on Twitter/X, Tamaki asked her followers to vote for the party and spread the word about their proposed tax policies. Tamaki’s post also includes a link to the party’s official pledge document. He ended the post by thanking supporters for spreading the word about this encryption policy.
Tamaki and DPP Crypto Pledge – Here’s What to Expect
Tamaki’s proposal aims to promote the use of non-fungible tokens (NFTs) in governance and implement a separate 20% tax on crypto assets. Currently, there is a 55% tax on this Originswhich is deposited under miscellaneous income. Additionally, the policy paper includes provisions for loss deductions and exempting crypto-to-crypto transactions from taxes.
Comprehensive taxation is an issue that should be considered in the future and has not been considered currently. Anyway, now, I want to make Japan a powerful web3 trading center.
— Yuichiro Tamaki (NDP representative) (@tamakiyuichiro) October 20, 2024
The DPP policy paper also calls for increasing leverage rates allowed for trading and the creation of exchange-traded funds (ETFs). Finally, the party promises to turn the yen into an “electronic currency” and begin issuing a digital local currency.
The road ahead for cryptocurrency legislation is bumpy
Cryptocurrency-related policies and promises are gaining momentum in elections, examples of which include the United States and Japan. While the US gets Trump, who now leads the betting markets, and Elon Musk as a cheerleader, Tamaki’s party faces an uphill battle. Also, the current situation in Japan is that its people are suffering from inflation and taxes.
Tamaki’s post received mixed responses from users. One user says the country is trying to survive by taxing its people. Others are more supportive of the proposal, saying they are glad that filing tax returns will become easier.
Featured image by Sakurako, chart from TradingView