A Japanese parliamentarian would like to bring about cryptocurrency tax reform – and tabled a petition on the issue with both houses of parliament.
Takeshi Fujimaki, a former consultant to George Soros and an ex-JPMorgan Chase employee, is currently a Japan Innovation Party member of the House of Councilors, the National Diet of Japan’s upper house. If recognized by parliament, Fujimaki’s motion would spark a discussion on the measure in the diet.
Fujimaki is among the Japanese blockchain and cryptocurrency community’s fiercest allies and has repeatedly put pressure on the upper house to build business-friendly fintech legislation.
Per his website, Fujimaki claims that existing cryptocurrency tax laws allow Japanese traders to be taxed at up to 55 %, and wants to propose a 20% cap on tax. The change would put cryptocurrency taxation on the same level as the tax on foreign exchange trading, stocks, and mutual funds.
The plan would also enable traders to carry forward losses into the following financial year – deducting from profits, and meaning traders may end up paying less in terms of year-on-year taxation.
He also proposes the following :
No tax on crypto-to-crypto trades
No tax on small payments
The politician has held a number of lectures and conferences for supporters of his tax reform campaign, which he unveiled in December last year. Speakers at the meetings have included the likes of Oki Matsumoto, the CEO of the Monex Group.
Fujimaki posted news of his petition bid on Twitter, where it obtained scores of retweets and messages of support from Japan’s crypto-community.
The National Diet has now closed ahead of elections on July 4, but Fujimaki is likely to pursue the matter further when it reopens for its following session – and is supposed to have directly approached Finance Minister Taro Aso in an attempt to secure crypto tax reform.