日本计划将比特币视为投资目标和金融产品

日本计划以比特币为代表的虚拟资产来识别投资目标，并根据《金融工具和交换法》承认它们为金融产品。

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

日本计划将虚拟资产（例如比特币）引入投资目标，并将其视为金融产品。

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.

根据3月31日的Nihon Keizai Shimbun的说法，金融服务局的目标是在2026年向《金融工具和交换法》提交一项修正案。

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月以来，一个封闭的专家研究小组一直在审查当前系统，详细的讨论将从今年夏天开始的总理咨询机构开始。

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，虚拟资产由《支付服务法》涵盖，而根据《金融工具和交换法》，股票和债券（如股票和债券）被管理为“证券”。通过这项法律修正，虚拟资产将被公认为是金融产品。

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

但是，预计它们将分类为与现有证券的不同类别。

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.

如果法律发生变化，内幕交易法规也将适用于虚拟资产交易。例如，如果在公开宣布新业务信息之前与发行人或交换交易有关的人，则可能会受到法规的约束。 Nikkei表示，有关哪些信息将被认为会发生的具体讨论。

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扩大日本虚拟资产投资。截至1月，虚拟资产交易的活跃国内帐户数量约为734万，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.

随着允许通过智能手机轻松交易的服务增加，交易或持有资产的人数正在增加。

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.”

如果对虚拟资产进行法律对等效的处理，则可能导致批准用物理比特币运行的交易所交易资金（ETF）。 Nikkei解释说：“这项审查可能是一种认为虚拟资产是有助于形成国家资产的金融产品的催化剂，从而保留了虚拟资产ETF的津贴和促进。”

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.

在美国，具有比特币的ETF作为运营目标于2024年1月获得批准，导致大量的机构投资者资金涌入，并扩大了投资者基础。

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.

预计虚拟资产的税收处理也将在法律修正案后进行讨论。目前，虚拟资产交易符合全面的税收，最高税率为55％，征收交易利润。日本统治的自由民主党在本财政年度的税收改革政策中包括在“以20％的税率为金融所得税税率”中，基于“投资者保护法律安排”。金融服务局计划在今年夏天提交的2026年税收修订请求中要求对虚拟资产征税。

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，金融服务机构计划对虚拟资产发行人施加信息披露义务，并交流以提高市场透明度并加强投资者的保护。尽管不像证券那样严格，但预计将施加有关公司信息和交易信息的披露义务。

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.

对于虚拟资产行业的许多海外运营商，该计划是为了加强法规，无论公司位置如何，但是确保有效性仍然是一个挑战。