Japanese crypto traders slammed with up to 55% tax

Cryptocurrency traders in Japan could be paying up to 55 per cent in capital gains tax, and new report indicates.

According to Bloomberg, traders in the country are legally required to pay beetween 15 and 55 per cent in tax to the Japanese government, depite the average tax on foreign exchange and trading stocks profits being set at around 20 per cent.

That’s because earnings from cryptocurrency are classified as ‘miscellaneous income’, setting it apart from average trading.

The move has resulted in some crypto investors leaving the country in favour of nearby havens such as Singapore.