Japanese Finance Minister: Imposing a 110% Tax Rate on Profitable Cryptocurrency Assets Is Possible

BlockBeats News, March 2nd, According to Cryptopolitan, Japanese Finance Minister Katsunobu Kato publicly confirmed during a meeting of the House of Representatives Budget Committee that imposing a 110% tax rate on cryptocurrency such as Bitcoin in certain cases is "possible." He explained in detail, stating, "Paying this income tax and inheritance tax will have a negative impact. However, this is limited to cases where the selling price is extremely high (compared to the acquisition price). In other words, you have to make a lot of money on cryptocurrency to reach the highest tax rate, which applies at 110%. This situation may occur when the value of cryptocurrency obtained for 1 billion yen increases to over 6.5 billion yen, or when the value of cryptocurrency purchased for 20 million yen increases by 100 times to 2 billion yen."