SBI CEO criticizes Japan's delay in virtual asset tax reform

JH Kim

Summary

Tomoya Asakura, CEO of Japan's SBI Global Asset Management, criticized the delay in Japan's virtual asset tax reform.
He pointed to tax uncertainty, a top 55%% tax rate, and the inability to offset gains and losses, saying Japan could fall behind in global virtual asset industry competition.
The Japanese government is pursuing the reclassification of virtual assets as an investment vehicle and a reduction in tax rates, and the tax reform is expected to take effect as early as January 2027.

Tomoya Asakura, CEO of Japan's SBI Global Asset Management, said the pace of Japan's virtual asset (cryptocurrency) tax reform is slow. He warned that if tax uncertainty continues, Japan could fall behind in competition in the global virtual asset industry.

On the 18th (local time), according to crypto-focused media DL News, Asakura said, "Japan will fall behind not only the United States but also Asia and the Middle East in terms of virtual asset development."

He mentioned that Japanese virtual asset traders are subject to a top tax rate of up to 55% on profits. He also pointed to the problem that, unlike stocks, gains and losses cannot be offset and carried forward.

Earlier, Japan's Financial Services Agency (FSA) announced plans to reclassify virtual assets as an investment vehicle to align them with stocks. In this process, a plan was proposed to reduce the capital gains tax rate on virtual assets to 20%.

DL News reported that Japan's parliament is expected to pass an amendment in early 2026 to include virtual assets within the scope of the Financial Instruments and Exchange Act. Since legal revisions typically take one year until promulgation, the market sees a possibility that the new tax system will come into effect in January 2027.