Japanese financial industry executives say crypto tax reforms are progressing "extremely slowly" and may not take effect until as early as 2028

Odaily Planet Daily reports that Japanese financial industry executives are dissatisfied with the progress of crypto tax reform. SBI Global Asset Management CEO Tomoya Asakura posted on X platform that Japan’s crypto tax reform process is “extremely slow,” citing political figures who suggest that related reform measures may be delayed another year, potentially not being implemented until 2028 at the earliest, though this has not been finalized. Asakura stated that if the delays continue, Japan will fall behind not only the United States in crypto and financial innovation development but also Asia and the Middle East. SBI is one of Japan’s major financial groups, a key partner of Ripple, and operates the crypto trading platform SBI VC Exchange. The group has previously announced plans to launch a Japanese yen stablecoin in the first half of 2026. Currently, Japanese crypto traders must report crypto asset gains as “miscellaneous income,” with a maximum tax rate of 55%, and are not allowed to carry forward or deduct losses. The Financial Services Agency (FSA) has expressed a desire to reclassify crypto assets as investment tools, making them subject to the same approximately 20% separate taxation system as stocks and foreign exchange trading. The relevant legal amendments are expected to be submitted to the National Diet for review in early 2026, but if the usual implementation cycle is followed, the official effective date may be further delayed. (DL News)