CandleFocus Japan Considers Changes to Crypto Rules as FSA Launches Review: Report
2024-10-02
Author: Content Editor
Japan plans to conduct a review of its cryptocurrency regulations to assess their effectiveness. The review may pave the way for the introduction of cryptocurrency exchange-traded funds (ETFs) in the country. The review will focus on the adequacy of the current approach to crypto regulation under the Payments Services Act and the Financial Instruments and Exchange Act. If changes are made to the laws, it could potentially enhance investor protection measures and make it easier for the industry to negotiate for lower taxes on crypto. The review comes in response to incidents such as the Mt. Gox hack and the recent DMM Bitcoin hack, indicating a need to strengthen the security and protection of crypto assets. Japan has already made some concessions to its crypto tax requirements, and the Prime Minister is actively promoting Web3 and blockchain technology in the country.
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