- Amendments to The Law on Financial Instruments and Exchanges transferred cryptocurrencies from the category of experimental payment assets to financial ones.
- In addition, Japanese authorities are planning to legalize cryptocurrency exchange-traded funds (ETF) by 2028.
The Japanese government has amended the Financial Instruments and Exchange Act, which now classifies crypto-assets as financial instruments.
The amendments also prohibit insider trading and other activities involving buying and selling based on undisclosed information. Furthermore, according to amendments, cryptocurrency “issuers” are now required to be more transparent and disclose information once a year.
Previously, Japan’s Financial Services Agency regulated cryptocurrencies under the Payment and Settlement Act, citing their potential use as a means of payment. However, by reclassifying cryptocurrency as an experimental payment to a financial instrument, Japan has removed it from the experimental category and placed it on par with the stock market.
We will expand the supply of growth capital in response to changes in financial and capital markets, and ensure fairness, transparency, and investor protection, Finance Minister Satsuki Katayama said at a press conference.
Japanese authorities are also planning to legalize cryptocurrency exchange-traded funds (ETF) by 2028. And this will be an important step towards the mass adoption of cryptocurrencies in the country.
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