Two Japanese crypto asset associations propose a 20% declaration tax on cryptocurrency trading profits

Japan Crypto Asset Business Association (JCBA) and Japan Crypto Asset Exchange Association (JVCEA) jointly prepared a petition on tax reform in 2021, suggesting a 20% declaration tax on the profits derived from trading crypto assets and requiring derivative transactions from the next three years Deduct losses from related income. In addition, the petition also proposes to introduce a small tax exemption system within 200,000 yen per year.