Japanese lawmaker Takeshi Fujimaki has proposed four crypto tax-reforms “to promote the wider [spread] of virtual currency into society." The opposition-party politician, who has been a vocal advocate for reforms in the space, recommended putting crypto laws closer in line with taxes on stocks and mutual funds. He proposes:
- Taxing gains from crypto investments at 20% rather than the maximum of 55%;
- Allowing past crypto-losses to be deducted from profits in subsequent years;
- Making profits from trading between two virtual tokens tax exempt (ie. when trading bitcoin into XRP);
- Making all payments made in crypto (for instance, at a cafe) exempt from sales-tax.
Fujimaki said he hoped the reforms would make filing taxes on crypto less "cumbersome" and would "increase the volume of transactions between virtual currencies and  revitalize the virtual currency market." He is not alone, with Japan's Tax Commision also exploring ways to ensure crypto gains are more accurately reported. (Source: CoinDesk)