The Japan Association of New Economy (JANE) has reportedly filed a request to the Japanese Financial Services Agency (FSA) on the tax relief of crypto trading income.

The proposal is aimed at reducing the tax rate on cryptocurrencies trading income down to 20 percent, compared to the current rate of 55 percent, which is equivalent to the rate presently imposed on stock and forex markets, namely progressive taxation. The charter also appeals for tax-free transactions from a cryptocurrency to another.

JANE urged that the FSA should not restrict the emergence of innovations in the crypto industry with rigorous regulations, specifically referring to the financial regulator’s authoritative power, the initial coin offerings (ICOs) institution in progress, crypto custody business and trading withal.

For the time being, the FSA has extended its verification period of several crypto businesses up to six months, reported by Cointelegraph on Jan 13.