The Financial Services Agency of Japan is expected to implement legal amendments related to virtual assets. This amendment includes recognizing virtual assets as financial products.
Japan’s Financial Services Agency (FSA) is set to introduce legal changes that will provide virtual assets with the same legal status as financial products.
The agency plans to submit an amendment to the Financial Instruments and Exchange Act by 2026 that will include recognizing virtual assets as financial products, the Nihon Keizai Shimbun reported on Thursday.
The FSA intends to announce the policy for institutional amendments in June and finalize the submission to the National Diet after discussions on the amendment at the Financial System Council.
Since last October, the FSA has been reviewing the current system through closed expert meetings.
Currently, virtual assets are only defined as a means of payment under the "Payment Services Act." But once this legal amendment is completed, virtual assets will be recognized as financial products, like stocks and bonds.
As the FSA recognizes virtual assets as legal financial products, it plans to establish related laws to prevent unfair trading and strictly crack down on insider trading.
Moreover, the FSA is reportedly discussing the possibility of lowering the tax rate, which is up to 55%, to 20%, the same as financial income.
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