Japan’s crypto paralysis is cultural; tax cuts won’t fix it
The following article is a guest post and opinion of Maksym Sakharov, Co-founder and CEO of WeFi
Last month, Japan’s Financial Services Agency proposed a wholesale reclassification of cryptocurrencies that would introduce a flat 20% tax on digital asset income and help introduce crypto exchange-traded funds.
For a long time, the country’s progressive tax system has imposed levies on crypto gains at rates of up to 55%, a factor many feel makes investing in crypto quite unattractive.
Institutionalized Inertia
However, this is not the only obstacle in the path of a potential Bitcoin ETF approval in Japan; it’s not even the most pressing. Late last year, Prime Minister Shigeru Ishiba seemingly dismissed the idea of crypto ETFs,…
