PANews reported on January 11th that, regarding Japan's decision to classify Bitcoin as a financial product this year, crypto analyst Willy Woo commented, "Japanese people will be more incentivized to buy Bitcoin. Classifying Bitcoin as a financial product means that Bitcoin gains (or transactions) will be taxed at 20%, instead of the marginal income tax rate (43-55% if annual income exceeds $57,000). Metaplanet will lose its tax arbitrage advantage relative to self-custodied Bitcoin. Approximately 110 cryptocurrencies are also included, with staking gains taxed at the marginal rate."