Source: DigitalToday
Original Title: Japan Financial Services Agency Moves to Shift Cryptocurrency Regulation… From Payment Services Act to Securities Law
Original Link:
Japan Financial Services Agency(FSA) is preparing to shift cryptocurrency regulation from the Payment Services Act to the Securities Law, strengthening regulations by considering cryptocurrencies as investment products.
A report from the Financial System Council includes plans to transfer the legal basis for cryptocurrency regulation from the existing Payment Services Act(PSA) to the Financial Instruments and Exchange Act(FIEA).
This move reflects the reality that cryptocurrencies are used as investment assets rather than payment methods.
In particular, it includes measures to strengthen data disclosure obligations for IEO(Initial Exchange Offerings) conducted by exchanges, and to mandate independent code audits.
Project issuers will no longer be able to maintain anonymity and will be required to clearly disclose token issuance and distribution structures. This follows a similar trend as the EU’s Markets in Crypto-Assets Regulation(MiCA).
The Japanese government is considering fixing the tax rate on cryptocurrency profits at 20%, while taking a cautious stance on allowing derivatives on foreign cryptocurrency ETFs.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
Japan Financial Services Agency pushes for a shift in cryptocurrency regulation... from Payment Services Act to Securities Act
Source: DigitalToday Original Title: Japan Financial Services Agency Moves to Shift Cryptocurrency Regulation… From Payment Services Act to Securities Law Original Link:
Japan Financial Services Agency(FSA) is preparing to shift cryptocurrency regulation from the Payment Services Act to the Securities Law, strengthening regulations by considering cryptocurrencies as investment products.
A report from the Financial System Council includes plans to transfer the legal basis for cryptocurrency regulation from the existing Payment Services Act(PSA) to the Financial Instruments and Exchange Act(FIEA).
This move reflects the reality that cryptocurrencies are used as investment assets rather than payment methods.
In particular, it includes measures to strengthen data disclosure obligations for IEO(Initial Exchange Offerings) conducted by exchanges, and to mandate independent code audits.
Project issuers will no longer be able to maintain anonymity and will be required to clearly disclose token issuance and distribution structures. This follows a similar trend as the EU’s Markets in Crypto-Assets Regulation(MiCA).
The Japanese government is considering fixing the tax rate on cryptocurrency profits at 20%, while taking a cautious stance on allowing derivatives on foreign cryptocurrency ETFs.