Regarding the separate taxation of cryptocurrency, the realistic timeline is seen as the implementation in January 2028. It will take longer than expected, but the flow of incorporating it into the Financial Instruments and Exchange Act → operational confirmation → taxation has not changed.

The biggest point of separate taxation is not just that the tax rate will decrease, but that the environment will return to one where it is normal to make decisions on profit-taking and rebalancing. The current tax system has distorted the decision-making process for buying and selling.

Of course, it is not perfect. There is a high possibility that restrictions will remain on loss offsetting and loss carryforward, and DeFi and staking will likely be treated separately. The lower the tax rate, the more stringent the management of history and cost will become.

For this reason, I see the time until 2028 as a period to organize exit and holding policies based on the next system. Rather than waiting, it is a phase of preparing.