Daily Observation of Cryptocurrency Concept Stocks: New Tax Regulations and Leverage Easing in 2028, Japanese Government Aims to Use Web3 to Strike at "Old Money" Conglomerates

Finance Minister Receives Proposal: New Tax System Linked to Crypto ETF Launching in January 2028

For a long time, Japan has imposed a "miscellaneous income tax" on individual crypto transactions at rates as high as 55%, which has been viewed by global capital as the biggest institutional stranglehold on the development of virtual assets in Japan.

On June 1, the Liberal Democratic Party's Blockchain Promotion Parliamentary Alliance formally submitted a proposal aimed at restructuring the national Web3 strategy to Finance Minister Suematsu Katayama. After receiving the proposal, Katayama provided an extremely rare clear stance: the Ministry of Finance will fully promote the construction of the relevant system, with a clear plan to officially launch a new crypto tax system in January 2028, using this as an opportunity to promote the early realization of cryptocurrency spot ETFs. This clear timeline has completely dispelled concerns from Wall Street and Tokyo's financial conglomerates about Japan's compliance lag, and is expected to guide trillions of yen in traditional "old money" trust funds to flow legally and compliantly into the crypto ecosystem in the next two years.

Ultimate Tax Reform: The Choice Between "Separate Declaration" and "Withholding Tax"

Regarding the highly anticipated details of the tax rate reform, this proposal not only affirms the phased progress of introducing "separate declaration taxation" (reducing the tax rate to a fixed 20% equivalent to that of stocks) but also historically proposes an advanced plan:

The parliamentary alliance suggests that the government further study the choice between "separate declaration taxation" and "withholding taxation" (directly withholding capital gains tax at the source of the transaction, simplifying declaration procedures). At the same time, the proposal requires clarification of the tax determination method when directly exchanging cryptocurrencies and optimizing the fair value assessment method during inheritance. This financial framework, aligned with traditional mature securities markets, will directly liberate Japanese corporate finances and high-net-worth individuals from tax lock-in friction during frequent portfolio adjustments and hedging.

Relaxation of the 2x Limit: Substantial Increase in Virtual Currency Derivative Leverage

In addition to the overarching tax and spot ETF measures, the proposal also precisely addresses the liquidity pain points in Japan's secondary market—regulation of leveraged trading.

The proposal pointedly notes that Japan currently forcibly suppresses the leverage limit for individual virtual currency derivatives to 2x, with low capital efficiency leading to systematic loss of trading volume on domestic exchanges. Therefore, the parliamentary alliance formally suggests that the Financial Services Agency (FSA) should break the rigid one-size-fits-all restrictions and gradually increase the leverage ratios for individuals and institutions in derivatives trading, combined with more rigorous margin management and clearing systems. Alongside multinational law enforcement cooperation to combat unregistered overseas operators, Japan is actively drawing back the outflowing on-chain derivative liquidity into Tokyo's compliant clearing system.

The Legal Ascendance of Supranational Assets in East Asia

Based on the latest developments from the Japanese Cabinet yesterday, the reshaping of the crypto landscape in East Asia has become irreversible. The Liberal Democratic Party's comprehensive proposal, from the compliance relaxation of the 2x leverage to the clear disclosure of the new tax system in 2028, is essentially providing a "green channel" for Web3 using national credit and underlying laws. As emphasized by the parliamentary alliance, this is not only a financial revolution but also a comprehensive total war involving trade logistics and digital sovereignty. The comprehensive shift of Japan's financial giants signifies that East Asia will officially welcome a new era of digital finance supported by compliant ETFs and heavy liquidity leverage.

Data Source: https://bbx.com/ Crypto Concept Stock Information Database, compiled based on global public company announcements and SEC/TSE disclosure documents from yesterday.