The cryptocurrency industry is abuzz this year, not just because of new memes, coin pumping, or bitcoin leading another bull run. It is now a hotly debated election issue, dividing the electorate and promising to take the industry to new heights. And we're not just talking about the United States. elections and Trump's pro-crypto stance; Digital currency as an electoral issue has spread to Japan, where its general elections are scheduled to be held on October 27.
Yuichiro Tamaki, leader of the Democratic Party for the People (PDP), recently promised tax cuts and reforms as part of the party's efforts to shore up support. Posting on his official twitter/x account, Tamaki shared that his party is pursuing crypto-friendly tax policies, offering tax cuts of up to 20%.
In a translated x post, Tamaki said:
“If you think crypto assets should be taxed separately at 20% instead of treated as miscellaneous income, vote Democratic Party for the People.”
Tamaki Courts crypto Crowd Ahead of General Election
This year's elections are crucial for the country after months of financial scandals and unpopular leaders living the good life. The October 27 elections will be held a year early, following the resignation of Prime Minister Fumio Kishida due to his low approval ratings.
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(I hope to spread)
The Democratic Party of Japan proposes clear tax cuts and regulatory reforms regarding crypto assets.
If you think crypto assets should be taxed separately at 20% instead of as miscellaneous income, join the Democratic Party of Japan. There are no taxes when exchanging cryptoassets.
I would appreciate it if you would spread these promises of the Democratic Party of Japan. … pic.twitter.com/hpbX966yTJ
— Yuichiro Tamaki (National Democratic Party Representative) (@tamakiyuichiro) twitter.com/tamakiyuichiro/status/1847834459233800277?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>October 20, 2024
Tamaki's People's Democratic Party enters the election as a clear loser, as the party controls only seven of the 465 seats in the lower house of the National Diet. Therefore, it is not surprising that the party is taking bold initiatives to attract as many voters as possible.
In the same twitter/x post, Tamaki asked his followers to vote for the party and spread the word about its proposed tax policies. Additionally, Tamaki's post includes a link to the party's official commitment document. End the post by thanking followers for spreading information about this crypto policy.
Tamaki and DPP crypto Engagement: Here's What to Expect
Tamaki's proposal aims to promote the use of non-fungible tokens (nfts) in governance and implement a separate 20% tax on crypto assets. Currently, there is a 55% tax on this type of assetswhich is filed under miscellaneous income. Additionally, the policy document includes provisions for loss deductions and tax exemption from crypto-to-crypto transactions.
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Comprehensive taxation is an issue to be considered in the future and is not currently being considered. Anyway, right now I want to make Japan a web3 business powerhouse.
— Yuichiro Tamaki (National Democratic Party Representative) (@tamakiyuichiro) twitter.com/tamakiyuichiro/status/1847959011301441851?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>October 20, 2024
The DPP policy document also calls for increasing the permitted leverage rates for trading and establishing exchange-traded funds (ETFs). Finally, the party promises to convert the yen into an “electronic currency” and start a digital local currency issuance.
Bumpy road ahead for cryptocurrency legislations
Cryptocurrency-related policies and promises are gaining traction in the elections, with the United States and Japan as examples. While the United States has Trump, who now leads the betting markets, and Elon Musk as a cheerleader, Tamaki's party faces an uphill battle. Furthermore, the current situation in Japan is that its people are fighting against inflation and taxes.
Tamaki's post received mixed responses from users. One user says the country is trying to survive by taxing its people. Others are more supportive of the proposal and say they are glad that filing tax returns will be easier.
Featured image of Sakuraco, TradingView chart
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