The crypto industry is booming this year, not just because of new memes, coin pumping, or Bitcoin leading another bull run. It is now a hot election issue, dividing voters and promising to take the industry to a new level. And we’re not just talking about the US election and Trump’s pro-crypto stance; digital currency as an election issue has also spread in Japan, where it is scheduled to hold its national elections this October 27.
Yuichiro Tamaki, the leader of the Democratic Party for the People (DPP), recently promised tax cuts and reforms as part of the party’s efforts to gain support. Posting on his official Twitter/X account, Tamaki shared that his group follows crypto-friendly tax policies, offering tax reductions of up to 20%.
In a translated X post, Tamaki said:
“If you think crypto assets should be taxed separately at 20% instead of being treated as miscellaneous income, please vote for the Democratic Party for the People.”
Tamaki Pitches Crypto Crowd Ahead of General Election
This year’s election is important for the country after many months of financial scandals and unpopular leaders living a comfortable life. The October 27 election will take place a year early, following the resignation of Prime Minister Fumio Kishida due to low approval ratings.
【spreading hope】
暗号动机是是是仪減税&设计改式を打ち出さしななん国小最好的暗号动发を雑展年とはますしますしますします課税20%になきしてなるのたるの国内民丁党くさずさずずずくといさんなりますますますます
It would be great if you could spread these kinds of things. pic.twitter.com/hpbX966yTJ
— 玉木雄一郎（国兰没生交代表） (@tamakiyuichiro) October 20, 2024
Tamaki’s Democratic Party for the People enters the election as an underdog, as the party controls only seven of the 465 seats in the lower house of the National Diet. Therefore, it is not surprising that the party is taking drastic measures to attract as many voters as possible to the party.
In the same Twitter/X post, Tamaki asked his followers to vote for the party and spread the word about their proposed tax policies. Also, Tamaki’s post includes a link to the team’s official pledge document. He ends this post by thanking fans for spreading the word about this crypto policy.
Tamaki’s Crypto Promise and DPP – Here’s What to Expect
Tamaki’s proposal aims to promote the use of non-fungible tokens (NFTs) in governance and implement a separate tax of 20% for crypto assets. Currently, there is a 55% tax on such assets, which is included under miscellaneous income. In addition, the policy paper includes allowances for loss mitigation and exemption of crypto-to-crypto transactions from taxes.
総业課税化は将來全电影电影ですますますますたい
— 玉木雄一郎（国兰没生交代表） (@tamakiyuichiro) October 20, 2024
The DPP’s policy paper also calls for an increase in permissible trading levels and the establishment of exchange-traded funds (ETFs). Finally, the group promises to convert the yen into an ‘electronic currency’ and launch the issuance of a local digital currency.
Bumpy Road Ahead For Crypto Legislations
Crypto related policies and promises are gaining momentum in elections, US and Japan as examples. When the US gets Trump, who is now leading the betting markets, and Elon Musk as a cheerleader, Tamaki’s team is facing a tough battle. Also, the current situation in Japan is that its people are struggling due to inflation and taxation.
Tamaki’s post received mixed responses from users. Another user says that the country is trying to survive by taxing its people. Some are very supportive of the proposal, saying they are happy that filling out tax forms will be easier.
Featured image from Sakuraco, chart from TradingView