Japan’s FSA plans to classify crypto as financial products, eyes 20% tax rate: Report
Japan’s FSA plans to reclassify crypto as financial products, enforce new disclosure and insider trading rules, and cut the crypto tax rate from 55% to a flat 20%.
Japan’s Financial Services Agency (FSA) is preparing an overhaul of the country’s crypto regulatory framework, moving to classify digital assets as “financial products” under the Financial Instruments and Exchange Act.
The plan would introduce mandatory disclosures for 105 cryptocurrencies listed on domestic exchanges, including Bitcoin (BTC) and Ether (ETH), and bring them under insider trading regulations for the first time, according to a Sunday report from Asahi Shinmun.
If enacted, exchanges would be required to disclose detailed information about each of the 105 tokens they list, including whether the asset has an identifiable issuer, the blockchain technology underpinning it and its volatility profile, per the report.
Read more
