Japan Is Reclassifying Crypto as a Financial Instrument

Japan Poised To Move BTC$BTC and ETH$ETH Under Financial Instruments Law

Japan's House of Representatives advanced a bill on June 10 that would reclassify #crypto assets as financial instruments, placing them under a regulatory framework similar to the one governing equities and bonds.

The legislation cleared the Finance and Financial Affairs Committee and now awaits a vote in the upper house, the House of Councillors, before it can take effect.

The bill was submitted by the cabinet in April and is expected to take effect next year if the upper house approves it.

Under the proposed framework, crypto-asset transaction rules would move from the Payment Services Act to the Financial Instruments and Exchange Act (FIEA), shifting the basis of oversight exercised by Japan's Financial Services Agency (FSA).