Japan is pushing to reclassify cryptocurrency as a financial instrument
BlockBeats News, June 11th, according to market sources, Japan is reportedly reclassifying cryptocurrency as a financial instrument under the Financial Instruments and Exchange Act, putting it in the same category as stocks and bonds. The bill was passed by the Lower House today. This move will lower the tax on cryptocurrency gains from the current highest rate of 55% (miscellaneous income) to a flat 20% capital gains tax rate, and it will pave the way for cryptocurrency ETFs, with the relevant provisions set to take effect in 2027.
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