As Minister of State for Financial Services, Katayama pledged full support for exchanges building fintech-driven trading infrastructure. The move aims to make blockchain-based digital assets more accessible to the public through established stock and commodity markets.

Major Tax and Regulatory Changes

The government cut the crypto tax rate from 55% to 20%, bringing digital assets in line with stocks and other traditional investments. Japan also reclassified 105 cryptocurrencies, including Bitcoin and Ethereum, as financial products under the Financial Instruments and Exchange Act. Investors can now carry forward crypto trading losses for up to three years.

SBI Holdings is preparing to file for ETFs, while Ripple plans to launch its RLUSD stablecoin in Q1 with SBI support.

Global Implications and Japan’s Strategy

Japan holds roughly $1.2 trillion in U.S. Treasury bonds, making it the largest foreign holder. Any institutional move toward digital assets could affect global crypto markets. Japan has already approved its first yen-pegged stablecoin, JPYC, and regulators have discussed allowing banks to hold and trade cryptocurrencies directly.

Katayama described 2026 as a turning point for addressing structural economic challenges through fiscal policy and growth sector investment. With lower taxes, clearer regulations, and ETF products rolling out, Japan is positioning itself as a major global hub for digital assets.

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Why it matters?

This bill could mark the first serious attempt to treat stablecoins as payment tools rather than speculative assets. If adopted, it may accelerate real-world crypto usage while reshaping investor behavior across staking and DeFi lending markets.

Stablecoin Payments Get A $200 De Minimis Exemption

The draft proposes a $200 tax exemption for regulated stablecoin payments used to purchase goods and services. The exemption does not apply to investment gains and is framed strictly as an administrative simplification. Lawmakers are still evaluating whether an annual aggregate cap should apply to prevent repeated use from eroding tax collection.

The Treasury Department would receive authority to introduce anti-abuse rules. These may target coordinated transactions, related-party arrangements, and recordkeeping requirements. Additional guidance could also clarify cost basis allocation and gain characterization when the exemption does not apply.

Clear Tax Treatment For Digital Asset Lending

Another key section addresses digital asset lending. The bill extends nonrecognition treatment only to true lending of liquid and fungible digital assets. Lenders must retain the right to receive identical property back, ensuring the transaction does not function as a sale or disposal.

The framework explicitly excludes NFTs, illiquid tokens, thinly traded assets, tokenized securities, and synthetic or derivative-based instruments. Treasury guidance would aim to prevent disguised sales, basis shifting, and other tax avoidance structures within DeFi lending models.

Staking And Mining Rewards May Qualify For Tax Deferral

The proposal defines staking and mining as transaction validation activities on a cryptographically secured shared ledger. Taxpayers could elect to defer income recognition on rewards until the end of the fifth taxable year following receipt.

This approach reduces immediate tax pressure on long-term network participants. It also differentiates infrastructure contributors from short-term speculative actors, potentially influencing on-chain participation trends.

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After over 24 hours of debate, the Senate passed the One Big Beautiful Bill Act budget reconciliation bill with a 50-50 vote. Vice President JD Vance broke the tie to secure the bill’s approval. Democrats and three Republicans voted against it. Many members proposed amendments related to AI regulations and funding for rural hospitals. The bill includes extensions of the 2017 tax cuts, cuts to Medicaid and food assistance, AI regulations, and tax relief measures. 

One Big Beautiful Bill Act and Cryptocurrency Tax Debate 

Wyoming Senator Cynthia Lummis proposed an amendment to prevent double taxation on crypto miners and investors. However, this change was not included in the bill. Lummis stated the bill was “not perfect” but a big step in the right direction. The bill, passed without cryptocurrency tax regulation, now moves to the U.S. House of Representatives. Republicans hold a narrow majority in the House, while Democrats strongly oppose it. 

For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it.

It’s time to stop this unfair tax treatment and ensure America is the world’s Bitcoin and Crypto Superpower.

— Senator Cynthia Lummis (@SenLummis) June 30, 2025

Trump and Republicans’ Investment Priorities 

Senator Elizabeth Warren emphasized that the bill provides billions in support to wealthy corporations while cutting health services for millions of Americans. Warren pointed out that Republicans prioritize financial support for big companies like Meta by reducing healthcare funding. This sparked public debate on the bill’s social and economic impacts. 

“They care more about helping billionaire companies than helping you.” 

The One Big Beautiful Bill Act approved by the Senate will now be reviewed again in the House. The bill contains significant changes in tax regulations and social services. Given the political balance in Congress, the process is expected to be challenging. However, this step is considered a major turning point in economic and technological regulations. 

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Senate discussions are dragging on as senators review hundreds of amendments through rapid votes. Debates often extend into late nights, delaying the process and threatening the July 4 target. 

Crypto Tax Exemptions and Lummis’ Proposals

Two key crypto market proposals are under consideration in the bill. Republican Senator Cynthia Lummis suggests exempting transactions under $300 and annual transfers below $5,000 from taxation. She also requests that staking, airdrop, and mining income be taxed only upon sale, aiming to prevent double taxation. These proposals were extensively discussed at the 2025 Bitcoin Conference. 

Democrats’ Ban Proposal and Senate Decision

Meanwhile, Democratic Senators Elizabeth Warren, Jeff Merkley, and Jack Reed proposed banning government officials from owning and promoting crypto, including their spouses and children. The Senate rejected this proposal, intensifying debates over crypto regulations. 

The Republicans’ slim majority in the Senate slows the progress. Afterward, the bill will proceed to the House of Representatives, further extending the timeline. This makes Trump’s July 4 goal increasingly difficult. Crypto regulations and tax reforms in the U.S. hold critical importance for the future of financial markets. 

Senate negotiations are lasting long hours, with the One Big Beautiful Bill expected to pass by the end of July. 

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Crypto Tax Exemption Period Comes to an End

Until now, residents in Brazil who sold up to 35,000 Brazilian reals (approx. $6,300) in crypto assets per month were exempt from income tax. Under the new regulation, all gains—regardless of transaction volume—are now subject to a 17.5% flat rate.

This change means higher tax burdens for smaller investors, while some high-net-worth individuals may actually benefit. Previously, trades above 5 million reals were taxed up to 22.5%, but with the flat rate, many large investors will now pay less.

Cold Wallets and Offshore Crypto Holdings Are Now Taxable

The reform goes beyond just trading volume. Crypto stored in self-custody wallets and held in foreign exchanges will also be included in the tax regime.

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Taxes will be assessed quarterly. Investors are allowed to deduct losses from the previous five quarters, although this loss window will narrow starting in 2026.

Other Financial Instruments and Betting Revenue Also Hit

The changes also impact traditional financial products. Fixed-income securities that were previously tax-exempt—such as Agribusiness and Real Estate Credit Letters (LCAs and LCIs) and Receivables Certificates (CRIs and CRAs)—will now be taxed at 5% on profits.

Meanwhile, the tax on betting revenue has been raised from 12% to 18%.

Proposal to Allow Bitcoin Salary Payments in Brazil

Back in March, Brazilian lawmakers proposed a bill that would allow employers to pay up to 50% of employee salaries in crypto, including Bitcoin.

Full crypto salary payments would only be allowed for foreign workers or independent contractors, and only under conditions regulated by Brazil’s central bank. All crypto salary payments must use official exchange rates from central bank-authorized institutions.

Freelancers will be allowed to receive full payments in digital assets if contractually agreed. Supported currencies include Bitcoin, Ethereum, USDT, and USDC.

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New York City Mayor Eric Adams announced the formation of a Digital Advisory Council aimed at steering policy, attracting investment, and building a sustainable crypto ecosystem.

Crypto Is Not a Trend, It’s the Future

At the NYC Crypto Summit on May 20, Adams emphasized that the initiative goes beyond fleeting trends. “This is not about chasing memes,” he said, “but about using the technology of tomorrow to improve lives today.”

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The advisory group will focus on integrating blockchain technologies into city operations, including sensitive data management like birth and death certificates. The mayor underscored the value of data security and accessibility for New Yorkers.

Exploring Crypto Payments for City Services

Adams also revealed that the city is exploring the possibility of allowing taxes and public services to be paid with cryptocurrencies such as Bitcoin and Ethereum. Strategic partnerships with financial firms like Figure, Traction, and Scale have already been established.

Meanwhile, New York State lawmakers are considering bills that would allow agencies to accept crypto payments and establish broader crypto oversight. One such proposal—the Blockchain Study Act—would create a dedicated task force to assess the local crypto ecosystem.

Adams’ Crypto Legacy and Vision

Since taking office in January 2022, Adams has championed digital assets, even receiving his first three paychecks in Bitcoin. Although he faced legal scrutiny over alleged foreign donations, the case was dismissed in April.

Now, Adams is doubling down on his vision to turn New York into a global leader in crypto innovation—a move watched closely by policymakers and tech investors alike.

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Why Was Bitcoin Classified as Money? 

The court stated that Bitcoin exhibits characteristics similar to a currency. For instance, Bitcoin is used as a medium of exchange. It also functions as a unit of account and a store of value. These features supported the court’s decision. Those who wish to purchase goods or services with Bitcoin may be exempt from CGT. This provides a long-term tax advantage. However, the ATO disagrees with this classification. The agency argues that Bitcoin should be treated as an asset. This is particularly significant for long-term Bitcoin investors, as it offers a substantial tax advantage. 

Impact of the Decision on the Crypto Market 

While this decision is seen as a major victory for the cryptocurrency community in Australia, it is not yet final due to the appeal process. On the other hand, if the ATO’s appeal is successful, the current tax regime will continue, and Bitcoin transactions will remain subject to CGT. 

If the appeal process concludes in favor of the ruling, Bitcoin transactions may become exempt from CGT. This could position Australia as a crypto-friendly country. The decision is drawing global attention. For example, countries like Portugal and Singapore offer similar exemptions. The development in Australia may influence other countries. It could also lead to demands for clearer regulations. The outcome of the appeal is of great interest to the market. 

Globally, this decision impacts the taxation policies of other cryptocurrencies. While many countries classify cryptocurrencies as assets, regions like Portugal and Singapore already offer exemptions from capital gains tax. 

Australian Court Another Case Bitcoin

In 2019, during a joint operation by the Australian Federal Police (AFP) and Victoria Police, a raid was conducted on a house in Melbourne as part of a drug trafficking investigation. During the raid, a Trezor hardware wallet containing 81.62 Bitcoin and its seed phrase were discovered. It took three weeks to access the wallet with court permission. However, when access was gained, the wallet was found to be empty, with the Bitcoins transferred four days after the raid on January 29, 2019. 

In 2021, using crypto-tracking software and IP address analysis, it was determined that the transfers were linked to Wheatley. It was alleged that Wheatley transferred the Bitcoin from the wallet to the Binance exchange, with some transactions connected to his bank account. 

During this case, an Australian court classified Bitcoin as “money.” The decision was based on arguments that Bitcoin functions as a medium of exchange, unit of account, and store of value. The court stated that these characteristics make Bitcoin similar to traditional fiat currencies. This means Bitcoin transactions may be exempt from capital gains tax. 

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All Crypto Transactions to Be Reported Starting 2026

Beginning January 1, 2026, UK-based crypto companies will be required to report all customer transactions, including trades and transfers. This is part of a broader initiative by the UK government to enhance crypto tax reporting and align with global standards.

The information to be collected and reported includes:

• Full legal name
• Home address
• Tax identification number
• Type of cryptocurrency used and the amount transferred

Additionally, entities like companies, trusts, and charities involved in crypto transactions will also fall under this reporting regime.

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Non-compliance or inaccurate reporting may result in penalties of up to £300 ($398.4) per customer.

Transparency Without Compromising Growth

This move is part of the UK’s adoption of the OECD’s Crypto-Asset Reporting Framework, which aims to balance market innovation with regulatory oversight.

UK Chancellor Rachel Reeves emphasized that the country remains open to business but is closing its doors to fraud, abuse, and instability. In April, she also introduced a draft bill that brings crypto exchanges, custodians, and brokers within the regulatory perimeter to better combat scams and financial misconduct.

UK vs EU: Diverging Paths in Crypto Regulation

While the UK is integrating crypto regulation into its existing financial structure, the European Union has opted for a dedicated framework through MiCA (Markets in Crypto-Assets Regulation). One major difference is that the UK will allow foreign stablecoin issuers to operate without registration, and it won’t impose volume caps — unlike the EU, which may restrict large stablecoin operations to mitigate systemic risks.

A recent survey by the UK’s Financial Conduct Authority showed that 12% of UK adults now own crypto, up from 4% in 2021. With growing adoption, a well-regulated ecosystem is becoming essential.

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Bill Highlights

Under the proposal, the tax applies to converting crypto to fiat or using crypto to pay for goods and services. However, crypto-to-crypto trades and transfers between wallets owned by the same user are exempt.

Taxpayers will be required to track all transactions and report profits based on the difference between purchase and sale prices in their annual tax returns.

Finance Minister’s Statement

Finance Minister Klemen Boštjančič defended the move, calling it “illogical” that crypto trading is not taxed at all for individuals:

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“The goal is not to raise revenue, but it’s unreasonable for one of the most speculative financial instruments to go untaxed.”

Opposition: “Slovenia Will Miss the Crypto Train Again”

Jernej Vrtovec, a member of parliament from the New Slovenia party, criticized the bill in a public statement:

“Slovenia has the opportunity to become crypto-friendly, but with excessive taxation, we risk losing talent and capital to other countries.”

Crypto in Slovenia: Past and Future

• In 2023, Slovenia introduced a 10% tax on withdrawals and payments.
• Occasional trading profits remain tax-free, unless linked to business activity.
• A previous 5% proposal in 2022 failed to pass.
• Slovenia issued the EU’s first digital sovereign bond in 2023.
• Crypto users in Slovenia are projected to reach 98,000 by 2025 with $2.8M in expected revenue.

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South Korean Public Officials Crypto Asset Disclosure

According to the South Korean Ethics Commission, high-ranking public officials in the country hold an average of 35.1 million Korean Won ($24,000) in crypto assets. On March 27, 2025, the Ethics Commission revealed that 411 out of 2,047 surveyed officials hold 14.4 billion Korean Won ($9.8 million) in cryptocurrencies.

The highest disclosed amount was 1.76 billion Korean Won ($1.2 million) from Seoul City Councilor Kim Hye-young.

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Among the crypto assets disclosed, officials held Bitcoin (BTC), Ether (ETH), XRP, Dogecoin (DOGE), Luna Classic (LUNC), and others.

Crypto Asset Disclosure Law in South Korea

The disclosure of public officials’ crypto holdings comes after calls for transparency from the country’s prime minister. In 2023, South Korean Prime Minister Han Deok-soo stated in a news conference that high-ranking officials must include crypto in their property disclosures. He argued that crypto should be treated the same as other assets like precious metals.

In 2023, South Korea passed a law mandating public officials to disclose their crypto holdings. Starting in 2024, South Koreans will have access to the crypto holdings of at least 5,800 public officials.

Crypto Disclosure Law Following Controversy

The new law was introduced following the controversy surrounding South Korean lawmaker Kim Nam-kuk, who was accused of liquidating and concealing around $4.5 million in crypto assets before lawmakers enforced the Financial Action Task Force’s (FATF) “Travel Rule.”

Kim later left the Democratic Party amid the controversial case to relieve party members of the burden of the lawsuit.

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