Japanese financial industry executives say progress on crypto tax reform is "extremely slow" and it may not take effect until 2028 at the earliest.

Odaily Planet Daily reports that Japanese financial industry executives have expressed dissatisfaction with the progress of crypto tax reform. Tomoya Asakura, CEO of SBI Global Asset Management, posted on the X platform that the progress of Japan's crypto tax reform is "extremely slow," and cited political figures who said that the reform measures may be delayed again by another year, possibly not being implemented until 2028 at the earliest, but nothing has been finalized yet.

Tomoya Asakura stated that if reforms continue to be delayed, Japan will not only lag behind the United States in the development of crypto and financial innovation, but also behind Asia and the Middle East. SBI is one of Japan's major financial groups and a key partner of Ripple, operating the crypto trading platform SBI VC Exchange. The group has previously announced plans to launch a yen stablecoin in the first half of 2026.

Currently, Japanese cryptocurrency traders are required to declare cryptocurrency gains as "miscellaneous income," with a maximum tax rate of 55%, and losses cannot be carried forward or deducted. Japan's Financial Services Agency (FSA) has expressed its desire to reclassify cryptocurrency assets as investment instruments, subjecting them to the same approximately 20% separate taxation system as stocks and foreign exchange transactions. The relevant legal revisions are expected to be submitted to the Diet for deliberation in early 2026, but based on the usual implementation cycle, the official take-off date may be further delayed. (DL News)