日本金融服务局（FSA）计划将加密货币分类为“金融产品”

此举还将扩大现有的内部交易限制，以明确涵盖数字资产。拟议的法案旨在修改该国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.

日本金融服务局（FSA）提出了一套新的规则，将加密货币归类为“金融产品”，并扩大现有的内幕交易限制，以明确覆盖数字资产。

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.

旨在修改该国的金融工具和交流法案的拟议法案将早在2026年就提交日本议会。

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，诸如比特币之类的加密货币主要属于日本的付款服务法，该法案主要将其作为付款方式进行监管。但是，拟议的更改将在法律上将其重新定位为投资产品，尽管它与股票或债券等传统证券不同。

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

这种监管转变是在监管机构对与加密相关的欺诈和数字资产市场中潜在的内幕交易活动提出的越来越多的担忧之后。

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

日本的计划与全球加密规则如何保持一致？

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.

这种潜在的举动使日本与新兴的全球趋势保持一致，以规范加密货币市场的财务监督更加确定。例如，欧盟在加密资产（MICA）框架中的综合市场已经明确禁止涉及加密资产的内幕交易。

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.

在美国，美国证券交易委员会（SEC）在2022年向一名前Coinbase产品经理收取与加密资产清单有关的内部交易。此外，全球标准设定的机构IOSCO（国际证券组织委员会）在2023年建议其成员司法管辖区应用现有的内部交易规则对加密货币市场。

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.

与之相比，日本的加密货币市场也显着增长，一月份拥有超过734万个活跃的交易帐户，超过五年前的数字三倍。这种激增部分是由基于智能手机的交易平台驱动的。

What Stricter Rules Might Crypto Companies Face?

加密公司可能会面临哪些更严格的规则？

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.

除了重新分类资产外，FSA计划对提供加密投资或服务的公司的规定更为严格。尽管跨境执法提出了挑战，但这些公司可能需要向日本当局注册，无论其实际位置如何。

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.

关键细节（例如，确切的类型的加密资产属于新规则以及内幕交易限制的确切机制）将在未来几个月内最终确定。

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

这与日本的比特币储备立场形成鲜明对比？

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，这种监管的重点是将加密货币作为投资和交易目的的金融产品与去年12月的日本政府关于比特币作为储备资产的立场形成鲜明对比。

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.

然后，总理西格鲁·伊斯皮邦（Shigeru Ishiba）的政府对一项提案做出了负面的回应，该提议表明日本将其一些大量的外汇储备转变为比特币。政府表示，加密货币不符合其当前管理该国官方财务储备的战略。