Cryptocurrency News | Japan’s Lawmaker Lays Four Amendments for Crypto Taxes

A Japanese legislator recently suggested a few changes to the present taxation rule to reduce the burden for crypto users and stimulate the adoption of virtual currencies in the nation.

Earlier in December, an authoritative of the third-largest opposition political party Nippon Ishin, Takeshi Fujimaki said that the nation’s tax system should not suppress the future of blockchain technology and cryptocurrencies. And therefore he recently suggested four changes to the promote the adoption of cryptocurrency into the society.

Takeshi first recommended that there must be a distinct tax rate of twenty percent on cryptocurrency gains rather than the present 55-percent rate gains due to the gains from crypto trades are not firm as salary and there are chances of losses.

He further added that gains from the cryptocurrencies must be taxed with other investment alternatives in the nation like mutual funds and stocks.

Carrying Forward Crypto Losses

The lawmaker secondly suggested that it must…