PANews reported on November 17th that, in response to Japan's proposed reduction of its cryptocurrency tax rate from 55% to 20% , Binance founder Changpeng Zhao commented, "This is a major step forward for Japan. Lowering 'fees' equals promoting economic growth." Furthermore, regarding the question of whether a 20% tax rate would truly make Japan competitive again, Zhao stated, "A 20% tax rate is still high, but the direction is correct. Many countries do not levy capital gains tax."