Source: Cointelegraph Original: "{title}"
According to local media Nikkei, Japan's financial regulatory agency plans to amend the country's laws as early as 2026 to classify cryptocurrencies as financial products.
The FSA plans to submit a bill to amend the Financial Instruments and Exchange Act next year, after the agency has discussed related changes through an internal research group. According to a report on March 30, specific details are still being finalized, but this change may
bring cryptocurrencies under the insider trading laws currently applicable to other financial products, such as stocks, which prohibit trading based on insider information.
However, cryptocurrencies may be classified as a different category from securities like stocks and bonds.
If these changes are approved, and cryptocurrencies are regulated under the country's financial laws, companies providing cryptocurrency services will need to register with the FSA.
Nikkei reports that the regulatory agency plans to enforce these new regulations regardless of whether companies operate in Japan, but it is currently unclear how these laws will be enforced on overseas companies.
It is also unclear which cryptocurrencies will be regulated and how to distinguish widely traded assets like Bitcoin (BTC) and Ethereum (ETH) from speculative and high-risk tokens like meme coins.
The Financial Services Agency is headquartered in downtown Tokyo, across the street from the Ministry of Finance. Source: Wikimedia
The upcoming changes reported come against the backdrop of Japanese regulators and the government promoting cryptocurrency-friendly policies.
Earlier this month, Japan issued the first license allowing local financial group SBI's subsidiary, SBI VC Trade, to handle stablecoins, with the company stating it is preparing to support Circle's USDC (USD stablecoin).
The ruling Liberal Democratic Party of Japan has also pushed for reforms, reducing the capital gains tax on cryptocurrencies from 55% to 20% and classifying digital assets as a separate asset class.
In February, local media reported that the FSA plans to lift the ban on cryptocurrency exchange-traded funds (ETFs) to align with Hong Kong's policy stance, which has approved cryptocurrency ETFs to begin trading in April 2024.
Related: The Dark Side of Centralization and Asset Tokenization - MEXC Executive
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