Japanese Crypto Advocate Wins Parliament Seat

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A leading Japanese crypto advocate has won a seat in the House of Councilors, the nation’s lower parliamentary house.

Per CoinPost, Takeshi Fujimaki, a former lawmaker who lost his seat in the 2019 election, has been restored to the house under proportional representation rules.

Fujimaki, a 73-year-old crypto and blockchain champion, will take his place in the house following the death of a sitting lawmaker.

And Fujimaki has spoken in favor of issues such as crypto tax reform, US-style crypto ETF approval, and the wider adoption of pro-crypto business policies.

In 2019, he asked the government to scrap taxes on crypto-to-crypto trading. He also asked the government to waive taxes on micropayments made in crypto.

The lawmaker first won election to the house in 2013. But he lost his seat in the 2019 election, when he stood as a proportional representation candidate for the Japan Restoration Party.

Japanese Lawmakers Pushing for Crypto Adoption?

Fujimaki has previously worked as the Tokyo branch manager of international financial institutions.

Over the past few years, he has spoken at length about the “importance of blockchain and cryptoassets.”

He has stated that blockchain and crypto could “contribute greatly” to Japan’s future growth. And he claims that the sectors could “revitalize Japan’s economy.”

The lawmaker said crypto and blockchain could help in “attracting capital and talent from around the world.”

Japan’s Government Abolishes Crypto Tax on Unrealized Corporate Gains

Japan‘s cabinet has recently approved a key change in the fiscal 2024 tax policy, removing the tax on unrealized gains for corporate-held crypto assets.#CryptoNewshttps://t.co/pL8eujphCd

— Cryptonews.com (@cryptonews) December 25, 2023

Fujimaki’s arguments for crypto ETF approval hinge on the principle that such offerings could help Tokyo increase its tax revenue.

Fujimaki is a former aide to George Soros aide. And in 2019 he made headlines when he tabled a petition on crypto tax reform to both houses of parliament.

A growing number of Japanese politicians have expressed an interest in fostering the crypto sector in recent years.

These include the Leader of the opposition Democratic Party for the People, MP Yuichiro Tamaki.

In 2022, Tamaki said that Tokyo should “promote Web3” and “the token economy.”

And Yuichiro said his party wanted to “tax cryptocurrencies” at a flat rate of 20%, instead of including crypto profits on income tax declarations.

Dometic crypto exchanges have asked Tokyo to make similar changes to the Japanese tax code.

MP Shun Otokita of the Japan Innovation Party has also urged the government to change its crypto tax laws.

And the ruling Liberal Party’s web3 taskforce has signaled its intention to ask the government to change the way individuals pay crypto-related taxes.

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