日本金融服務局（FSA）計劃將加密貨幣分類為“金融產品”

此舉還將擴大現有的內部交易限制，以明確涵蓋數字資產。擬議的法案旨在修改該國的金融工具和交流法

Japan’s Financial Services Agency (FSA) is proposing a new set of rules that would classify cryptocurrencies as "financial products" and expand existing insider trading restrictions to explicitly cover digital assets, according to a Nikkei report.

日本金融服務局（FSA）提出了一套新的規則，將加密貨幣歸類為“金融產品”，並擴大現有的內幕交易限制，以明確覆蓋數字資產。

The proposed bill, which aims to revise the country’s Financial Instruments and Exchange Act, will be submitted to the Japanese parliament as early as 2026.

旨在修改該國的金融工具和交流法案的擬議法案將早在2026年就提交日本議會。

Currently, cryptocurrencies such as Bitcoin primarily fall under Japan’s Payment Services Act, which mainly regulates them as a means of payment. However, the proposed changes would legally reposition them as investment products, albeit distinct from traditional securities like stocks or bonds.

目前，諸如比特幣之類的加密貨幣主要屬於日本的付款服務法，該法案主要將其作為付款方式進行監管。但是，擬議的更改將在法律上將其重新定位為投資產品，儘管它與股票或債券等傳統證券不同。

This regulatory shift follows growing concerns raised by regulators regarding crypto-related fraud and potential insider trading activities within the digital asset market.

這種監管轉變是在監管機構對與加密相關的欺詐和數字資產市場中潛在的內幕交易活動提出的越來越多的擔憂之後。

How Does Japan’s Plan Align with Global Crypto Rules?

日本的計劃與全球加密規則如何保持一致？

This potential move aligns Japan with emerging global trends in regulating crypto markets with more established financial oversight. For instance, the European Union’s comprehensive Markets in Crypto-Assets (MiCA) framework already explicitly prohibits insider trading involving crypto-assets.

這種潛在的舉動使日本與新興的全球趨勢保持一致，以規範加密貨幣市場的財務監督更加確定。例如，歐盟在加密資產（MICA）框架中的綜合市場已經明確禁止涉及加密資產的內幕交易。

In the U.S., the Securities and Exchange Commission (SEC) charged a former Coinbase product manager in 2022 with insider trading related to crypto asset listings. Additionally, the global standard-setting body IOSCO (International Organization of Securities Commissions) recommended in 2023 that its member jurisdictions apply existing insider trading rules to crypto markets.

在美國，美國證券交易委員會（SEC）在2022年向一名前Coinbase產品經理收取與加密資產清單有關的內部交易。此外，全球標准設定的機構IOSCO（國際證券組織委員會）在2023年建議其成員司法管轄區應用現有的內部交易規則對加密貨幣市場。

As against these, Japan’s crypto market has also seen significant user growth, with over 7.34 million active trading accounts in January—more than triple the number from five years ago. This surge is partly driven by smartphone-based trading platforms.

與之相比，日本的加密貨幣市場也顯著增長，一月份擁有超過734萬個活躍的交易帳戶，超過五年前的數字三倍。這種激增部分是由基於智能手機的交易平台驅動的。

What Stricter Rules Might Crypto Companies Face?

加密公司可能會面臨哪些更嚴格的規則？

Alongside reclassifying the assets, the FSA plans stricter rules for companies involved with offering crypto investments or services. These firms would likely need to register with Japanese authorities, potentially regardless of their physical location, though cross-border enforcement presents challenges.

除了重新分類資產外，FSA計劃對提供加密投資或服務的公司的規定更為嚴格。儘管跨境執法提出了挑戰，但這些公司可能需要向日本當局註冊，無論其實際位置如何。

Key specifics, such as precisely which types of crypto assets fall under the new rules and the exact mechanisms of the insider trading restrictions, will be finalized by the FSA in the coming months.

關鍵細節（例如，確切的類型的加密資產屬於新規則以及內幕交易限制的確切機制）將在未來幾個月內最終確定。

How Does This Contrast with Japan’s Bitcoin Reserve Stance?

這與日本的比特幣儲備立場形成鮮明對比？

Notably, this regulatory focus on treating crypto as a financial product for investment and trading purposes contrasts with the Japanese government’s stated position last December regarding Bitcoin as a reserve asset.

值得注意的是，這種監管的重點是將加密貨幣作為投資和交易目的的金融產品與去年12月的日本政府關於比特幣作為儲備資產的立場形成鮮明對比。

Then, Prime Minister Shigeru Ishiba’s administration responded negatively to a proposal suggesting Japan convert some of its substantial foreign exchange reserves into Bitcoin. The government stated that cryptocurrencies did not fit its current strategy for managing the nation’s official financial reserves.

然後，總理西格魯·伊斯皮邦（Shigeru Ishiba）的政府對一項提案做出了負面的回應，該提議表明日本將其一些大量的外匯儲備轉變為比特幣。政府表示，加密貨幣不符合其當前管理該國官方財務儲備的戰略。