JAPAN Crypto Review May Open Door to Lower Taxes, Dedicated ETFs
- Officials may weigh whether to put crypto under investment law
- Industry seeks to slash the levy on digital-asset gains to 20%
Japan is set to begin a review of the nation's cryptocurrency rules, opening up the possibility of lower taxes on digital sets and potentially paving the way for the roll out of domestic funds investing in tokens.
The Financial Services Agency (FSA) in coming months will assess whether the current approach of regulating crypto under the payments act is adequate, an official at the agency said, asking not be identified in line with the institution's rules.
The FSA will examine whether the act offers adequate investor protection since tokens are used mostly for investing rather than payments, the official said. That may lead to changes to the act, or the reclassification of crypto as financial instruments that fall under Japan's investment law.
The shift would boost the sector's effort to persuade officials to lower the levy on crypto gains from as much as 55% presently to 20%, in line with other assets such as stocks, Hasegawa said. Scrapping a ban on the launch of exchange-traded funds containing tokens would also become a "natural" step, he added.
Some bullish news for our JAPAN's Bitcoin $JASMY that gained +30% last month🚀
