Headline: Japanese Party Leader Vows to Slash Crypto Taxes if Elected

In Japan, Yuichiro Tamaki, the leader of the Democratic People's Party (DPP), has pledged to reduce taxes on cryptocurrency gains to 20% if elected. In his announcement, Tamaki also outlined a series of other proposals aimed at positioning Japan as a leader in cryptocurrency and Web3 technologies. Currently, cryptocurrency gains in Japan are classified as "miscellaneous income" and can be taxed up to 55% depending on personal income. The DPP aims to change this by taxing cryptocurrency assets at the same rate as stock trading profits, which is 20%. They also propose exempting cryptocurrency exchanges when tokens are swapped among themselves and increasing the leverage multiplier from 2x to 10x.

Incentives and regulations for cryptocurrency investing DPP leader Tamaki stated in a social media post that Japan should aim to become a major cryptocurrency hub through deregulation and tax reform. Introducing crypto ETFs and converting the Japanese yen into an electronic currency are also among the party's promises. Additionally, local governments are encouraged to issue digital regional currencies to help stimulate local economies.

In the upcoming elections in Japan, the DPP is aiming to increase its current seven seats in the House of Representatives. However, according to surveys by Japanese media, the Liberal Democratic Party and its coalition partner Komeito are leading in the elections. Nevertheless, the DPP's plans to double its seats and reform crypto taxation are considered significant developments for Japanese crypto investors.