The Japanese regulator has proposed to classify cryptocurrencies as financial products
According to the FSA proposal, the Payment Services Act will no longer apply to cryptocurrencies. Digital assets will fall under the Financial Instruments and Exchange Act (FIEA), which regulates securities and traditional financial products.
If crypto assets are regulated on par with securities and investment products, this will open up opportunities for launching cryptocurrency exchange-traded funds (ETFs) in Japan. The FSA noted that over 1,200 financial institutions, including Goldman Sachs (NYSE:GS) and American pension funds, are investing in spot Bitcoin ETFs listed in the U.S. Japanese regulators are looking to develop a similar trend within their country.
The FSA also plans to introduce a fixed tax rate of 20% on income from cryptocurrency transactions, reducing the capital gains tax on cryptocurrencies, which currently can be as high as 55%. This regulatory reform will be implemented in accordance with the government’s “New Capitalism” strategy aimed at attracting investment to Japan.
I look forward to seeing you on Telegram Boxmafia))
According to the FSA proposal, the Payment Services Act will no longer apply to cryptocurrencies. Digital assets will fall under the Financial Instruments and Exchange Act (FIEA), which regulates securities and traditional financial products.
If crypto assets are regulated on par with securities and investment products, this will open up opportunities for launching cryptocurrency exchange-traded funds (ETFs) in Japan. The FSA noted that over 1,200 financial institutions, including Goldman Sachs (NYSE:GS) and American pension funds, are investing in spot Bitcoin ETFs listed in the U.S. Japanese regulators are looking to develop a similar trend within their country.
The FSA also plans to introduce a fixed tax rate of 20% on income from cryptocurrency transactions, reducing the capital gains tax on cryptocurrencies, which currently can be as high as 55%. This regulatory reform will be implemented in accordance with the government’s “New Capitalism” strategy aimed at attracting investment to Japan.
I look forward to seeing you on Telegram Boxmafia))
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