","button_title":"Play-to-Earn Game List","span_one":"No obligations","span_two":"Free to use"}},"header":{"homepage":"Homepage","Game Reviews":"Game Reviews","Game List":"Game List","Developers":"Developers","Developer List":"Developer List","Gaming News":"Gaming News","search":"Search","local":"en","Popular P2E Developers":"Popular P2E Developers","Play To Earn Games":"Play To Earn Games","P2E Games":"P2E Games","Crypto Games":"Crypto Games","Web3 Games":"Web3 Games"},"meta":{"title":"Games to Earn, Blockchain, NFT, P2E Games List","description":"Play hundreds of games! Games to Earn, P2E, Blockchain, NFT, Crypto, Web3 Games. Read game reviews and start playing right away. Play now!","ogType":"article","keywords":"NFT Games, Crypto Games, Earning Games, Earning Games, Blockchain Games, P2E Games"}}},"initialLocale":"en","ns":["news_letter","singleNews","singleGame","footer","common","header","meta"],"userConfig":{"i18n":{"locales":["en","hi","fr","es","de","pt","nl","tr"],"localeDetection":false,"defaultLocale":"en","domains":[{"domain":"playtoearngames.com","defaultLocale":"en"},{"domain":"hi.playtoearngames.com","defaultLocale":"hi","locales":["hi-IN"]},{"domain":"fr.playtoearngames.com","defaultLocale":"fr","locales":["fr-BE","fr-CA"]},{"domain":"es.playtoearngames.com","defaultLocale":"es","locales":["es-GT","es-MX"]},{"domain":"pt.playtoearngames.com","defaultLocale":"pt","locales":["pt-BR"]},{"domain":"de.playtoearngames.com","defaultLocale":"de","locales":["de","de-DE","de-AT","de-CH"]},{"domain":"nl.playtoearngames.com","defaultLocale":"nl","locales":["nl-BE"]},{"domain":"tr.playtoearngames.com","defaultLocale":"tr"}]},"trailingSlash":true,"default":{"i18n":{"locales":["en","hi","fr","es","de","pt","nl","tr"],"localeDetection":false,"defaultLocale":"en","domains":[{"domain":"playtoearngames.com","defaultLocale":"en"},{"domain":"hi.playtoearngames.com","defaultLocale":"hi","locales":["hi-IN"]},{"domain":"fr.playtoearngames.com","defaultLocale":"fr","locales":["fr-BE","fr-CA"]},{"domain":"es.playtoearngames.com","defaultLocale":"es","locales":["es-GT","es-MX"]},{"domain":"pt.playtoearngames.com","defaultLocale":"pt","locales":["pt-BR"]},{"domain":"de.playtoearngames.com","defaultLocale":"de","locales":["de","de-DE","de-AT","de-CH"]},{"domain":"nl.playtoearngames.com","defaultLocale":"nl","locales":["nl-BE"]},{"domain":"tr.playtoearngames.com","defaultLocale":"tr"}]},"trailingSlash":true}}}}Japan's Groundbreaking Move: Slash Crypto Tax Rate by 35% - Here's How - Play to Earn Games News
Japan's Groundbreaking Move: Slash Crypto Tax Rate by 35% - Here's How
Reinout te Brake | 04 Sep 2024 11:36 UTC
Japan is on the brink of significant changes to its cryptocurrency tax code, with the potential for a lower tax rate that could make investing in digital assets more enticing. The country's financial regulator, the Financial Services Agency (FSA), has put forth a reform proposal that could see the tax rate on crypto profits drop to a flat 20%. This move is part of a broader review of the fiscal code for the year 2025, aiming to align cryptocurrency taxation with that of traditional financial assets.
crypto-as-tradfi-assets">FSA Advocates for Treatment of crypto as Traditional Financial Assets
The FSA's stance on the treatment of cryptocurrencies as financial assets is clear. By categorizing digital assets as investment targets for the public, the FSA aims to make them more accessible for individuals looking to diversify their portfolios. Currently, Japan taxes cryptocurrency earnings under a miscellaneous income category, with rates ranging from 15% to 55% based on the individual's income bracket.
However, the proposed shift towards a unified 20% tax rate for cryptocurrencies would bring it more in line with the tax rate for stock trading profits. This change could provide much-needed relief to both individual and corporate investors in the crypto space.
Changing tax laws in Japan is a multi-step process involving various government bodies and approvals. The proposals made by the FSA are first submitted to the ruling political party, then reviewed by the tax system research committee before potentially becoming law. Advocates within Japan's crypto industry have long been championing for a revision of the tax regime to create a more favorable environment for crypto investments.
crypto-trading-population-to-grow-rapidly">Japan's Active crypto Trading Population to Grow Rapidly
In line with the potential tax reforms, Japan's active cryptocurrency trading population is expected to experience rapid growth. A recent study by Bitget suggests that the number of daily crypto traders in Japan could reach 500,000 by the end of the year, up from the current 350,000. This surge in trading activity would position Japan's crypto market size between that of Turkey and Indonesia, highlighting the country's increasing interest in digital assets.
Gracy Chen, CEO of Bitget, views Japan as a dynamic and rapidly evolving landscape for cryptocurrencies. With a high awareness of crypto technologies and favorable market conditions, Japan presents exciting opportunities for new technologies and widespread adoption.
Recent developments, such as the entry of tech giant Sony Group into the crypto market through the acquisition of crypto firm Amber Japan, further underline Japan's growing engagement with digital assets. These shifts in Japan's crypto landscape indicate a maturing market with significant potential for expansion and innovation.