The Financial Services Agency of Japan is considering taxing cryptocurrencies as financial assets

ChainCatcher news, according to CoinDesk, the Financial Services Agency (FSA) of Japan stated in a review of tax reform documents that "regarding the tax treatment of cryptocurrency transactions, it is necessary to consider whether cryptocurrencies should be regarded as financial assets that should become public investment targets."

Currently, the country taxes cryptocurrency profits as income, with a tax rate of up to 45% for individuals with income exceeding 4 million yen (approximately $276,000), while the capital gains tax rate for selling securities such as stocks is a flat 20%. Changes to this system could lead to a reduction in taxes for some cryptocurrency investors.