The ruling Liberal Democratic Party (LDP) in Japan has proposed a regulatory reform draft, suggesting that cryptocurrencies be moved from the Payment Services Act to the Financial Instruments Trading Act as a new asset class of "financial products", with a tax rate reduced from a maximum of 55% to 20%, in line with the securities investment tax rate. Akihisa Shiozaki, head of the Liberal Democratic Party's Web3 working group, stated that this move aims to develop the market, protect investors, and impose a separate tax on cryptocurrency returns, or pave the way for Japan to launch spot cryptocurrency ETFs. Currently, Japan considers cryptocurrency as miscellaneous income with a tax rate of up to 55%. The draft will be publicly solicited for opinions until March 31st, and then submitted to the Financial Services Department. (TheBlock) http://(wublock123.com)/index.php? m=content&c=index&a=show&catid=6&id=39032