Japan's Senate passes bill to list crypto assets as financial commodities

On July 15, CoinPost reported that the plenary session of the Japanese Senate passed a bill on July 15 to amend the Financial Instruments and Transactions Act and the Payment Services Act to redefine cryptographic assets from payment means to financial goods. The core revisions include: crypto asset exchanges are renamed crypto asset traders, the maximum sentence for unregistered sales is increased from less than 3 years to less than 10 years, and the fine is increased from less than 3 million yen to less than 10 million yen; The introduction of insider trading regulations on crypto assets for the first time prohibits the use of undisclosed important information for trading; certain crypto asset issuers must disclose information regularly every year. In terms of tax system, the comprehensive taxation of up to 55% will be changed from a comprehensive taxation of declaration (tax rate of about 20%), and losses will be allowed to be carried forward for three years. It is expected to be implemented from January 1, 2028. The proposed amendment would also establish an institutional framework to support the creation of cryptocurrency ETFs.