日本計劃將比特幣視為投資目標和金融產品

日本計劃以比特幣為代表的虛擬資產來識別投資目標，並根據《金融工具和交換法》承認它們為金融產品。

Japan is planning to introduce virtual assets, such as Bitcoin, as investment targets and recognize them as financial products.

日本計劃將虛擬資產（例如比特幣）引入投資目標，並將其視為金融產品。

According to the Nihon Keizai Shimbun on March 31, the Financial Services Agency aims to submit an amendment bill to the Financial Instruments and Exchange Act in 2026.

根據3月31日的Nihon Keizai Shimbun的說法，金融服務局的目標是在2026年向《金融工具和交換法》提交一項修正案。

Since October last year, a closed expert study group has been reviewing the current system, and detailed discussions will begin at the Financial System Council, an advisory body to the prime minister, starting this summer.

自去年10月以來，一個封閉的專家研究小組一直在審查當前系統，詳細的討論將從今年夏天開始的總理諮詢機構開始。

Currently, in Japan, virtual assets are covered by the Payment Services Act, while traditional financial products like stocks and bonds are managed as “securities” under the Financial Instruments and Exchange Act. Through this legal amendment, virtual assets will be recognized as financial products.

目前，在日本，虛擬資產由《支付服務法》涵蓋，而根據《金融工具和交換法》，股票和債券（如股票和債券）被管理為“證券”。通過這項法律修正，虛擬資產將被公認為是金融產品。

However, they are expected to be classified in a different category from existing securities.

但是，預計它們將分類為與現有證券的不同類別。

If the law changes, insider trading regulations will also apply to virtual asset transactions. For example, if a person related to the issuer or exchange trades before the public announcement of new business information, it could be subject to regulation. Specific discussions on what information will be considered important facts are expected to take place, according to Nikkei.

如果法律發生變化，內幕交易法規也將適用於虛擬資產交易。例如，如果在公開宣布新業務信息之前與發行人或交換交易有關的人，則可能會受到法規的約束。 Nikkei表示，有關哪些信息將被認為會發生的具體討論。

The background of the legal amendment is the expansion of virtual asset investment in Japan. As of January, the number of active domestic accounts for virtual asset trading was approximately 7.34 million, an increase of about 3.6 times compared to five years ago.

法律修正案的背景是擴大日本虛擬資產投資。截至1月，虛擬資產交易的活躍國內帳戶數量約為734萬，比五年前增加了3.6倍。

As services allowing easy trading via smartphones increase, the number of people trading or holding assets is rising.

隨著允許通過智能手機輕鬆交易的服務增加，交易或持有資產的人數正在增加。

If virtual assets are legally treated equivalently to securities, it may lead to the approval of exchange-traded funds (ETFs) operated with physical Bitcoin. Nikkei explained, “This review could be a catalyst for the perception that virtual assets are financial products that help in forming national assets, keeping the allowance and promotion of virtual asset ETFs in view.”

如果對虛擬資產進行法律對等效的處理，則可能導致批准用物理比特幣運行的交易所交易資金（ETF）。 Nikkei解釋說：“這項審查可能是一種認為虛擬資產是有助於形成國家資產的金融產品的催化劑，從而保留了虛擬資產ETF的津貼和促進。”

In the United States, an ETF with Bitcoin as the operating target was approved in January 2024, leading to a large influx of institutional investors’ funds and a broadening of the investor base.

在美國，具有比特幣的ETF作為運營目標於2024年1月獲得批准，導致大量的機構投資者資金湧入，並擴大了投資者基礎。

The tax treatment of virtual assets is also expected to be discussed upon legal amendment. Currently, virtual asset trading is subject to comprehensive taxation, with a maximum tax rate of 55% imposed on trading profits. Japan’s ruling Liberal Democratic Party included in this fiscal year’s tax reform policy the transition of this tax to “financial income taxation with a 20% tax rate,” based on “legal arrangements for investor protection.” The Financial Services Agency plans to request the application of separate taxation for virtual assets in the 2026 tax amendment request to be submitted this summer.

預計虛擬資產的稅收處理也將在法律修正案後進行討論。目前，虛擬資產交易符合全面的稅收，最高稅率為55％，徵收交易利潤。日本統治的自由民主黨在本財政年度的稅收改革政策中包括在“以20％的稅率為金融所得稅稅率”中，基於“投資者保護法律安排”。金融服務局計劃在今年夏天提交的2026年稅收修訂請求中要求對虛擬資產徵稅。

Additionally, the Financial Services Agency plans to impose information disclosure obligations on virtual asset issuers and exchanges to enhance market transparency and strengthen investor protection. Although not as strict as securities, disclosure obligations regarding corporate information and transaction information are expected to be imposed.

此外，金融服務機構計劃對虛擬資產發行人施加信息披露義務，並交流以提高市場透明度並加強投資者的保護。儘管不像證券那樣嚴格，但預計將施加有關公司信息和交易信息的披露義務。

With many overseas operators in the virtual asset sector, the plan is to strengthen regulations regardless of corporate location, but ensuring effectiveness remains a challenge.

對於虛擬資產行業的許多海外運營商，該計劃是為了加強法規，無論公司位置如何，但是確保有效性仍然是一個挑戰。