SBI executive: Japan's crypto tax reform is progressing slowly and may not take effect until 2028 at the earliest

SBI Global Asset Management CEO Tomoya Asakura stated that the progress of crypto tax reform in Japan is extremely slow, citing political sources who believe that the reform may be delayed and could be implemented as early as 2028. Asakura pointed out that if the reform is postponed, Japan will fall behind the United States as well as regions in Asia and the Middle East. Currently, the highest tax rate on crypto gains in Japan reaches 55%. The Financial Services Agency (FSA) plans to adjust crypto assets to be subject to a separate tax rate of about 20%, with the relevant legal amendments expected to be submitted to the National Diet in early 2026.