Japan is advancing an economic stimulus plan, proposing a unified 20% tax on cryptocurrencies.

Japanese Prime Minister Fumio Kishida has pledged to conduct cross-party discussions to implement comprehensive tax reform. Japan will continue to push forward its proposed economic stimulus plan, which is expected to be approved by the end of 2024. The proposed tax reform measures include changes to income tax, corporate tax, and cryptocurrency tax, marking a shift in the ruling party's policy, which had previously called for tax increases. Japan's current policy on cryptocurrency taxation relies on vague and fluctuating "miscellaneous taxes," with tax rates on transactions reaching as high as 55%. Opposition parties are calling for a unified tax rate of 20% on digital assets and other tax reduction measures. Other tax reduction measures under consideration include raising the tax-free income threshold for citizens from 6,650 USD to 11,345 USD, reducing fuel taxes, and cutting sales tax until the job market recovers by at least 2%.