In the future, Japan's cryptocurrency market is bound to create more waves!

Japan is considering revising and simplifying its cryptocurrency tax policy to promote market development. Previously, the progressive tax rate of up to 55% that Japan implemented will be abolished, and cryptocurrency profits will be taxed at a uniform rate of 20%, with losses deductible for 3 years.

This will also make it easier for Japanese companies to establish domestic cryptocurrency ETFs. In addition, the government hopes to treat cryptocurrencies as 'financial products' rather than 'means of payment' and will approve the domestic stablecoin JPYC, planning to issue approximately 1 trillion yen (about 6.78 billion USD) within three years to encourage people to use cryptocurrencies more frequently.