Japan is considering new cryptocurrency regulatory rules

According to Foresight News, according to Japan’s Asahi Shimbun report, sources revealed that Japan’s Financial Services Agency is considering formulating regulations to define cryptocurrencies as financial products subject to insider trading rules and reduce their profit tax rates. The regulations will apply to 105 cryptocurrencies currently in circulation in Japan, such as Bitcoin and Ethereum, and require exchange service providers to disclose information such as the risk of price fluctuations. Banks and insurance companies will be allowed to sell cryptocurrencies to depositors and insurance holders through their securities subsidiaries. Profits from crypto trading will be subject to a 20% tax rate, the same as the tax rate for stock trading, and a significant reduction from the current maximum tax rate of 55%. The Financial Services Agency hopes to pass relevant legislation during the regular National Assembly session next year.
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