CandleFocus Japan’s FSA to reclassify crypto in upcoming rule review: report
2024-09-30
Author: Content Editor
The Financial Services Agency in Japan is set to review its crypto regulations, potentially leading to lower taxes on cryptocurrency gains and allowing domestic funds to invest in tokens. The agency will assess whether regulating crypto under the Payments Act provides sufficient investor protection and may reclassify crypto as financial instruments under Japan's investment law, offering stronger protections. The review is expected to continue through the winter and could result in a reduction of the current tax rate on crypto gains. This comes as Japan's crypto market is recovering, with trading volumes at centralized exchanges reaching almost $10 billion per month. Earlier this year, Japan also made legislative changes to support its blockchain ecosystem and encourage venture capital investment in web3 projects.
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