Japan to recognise cryptocurrency as 'financial assets', NHK says
TOKYO, July 15 : Japan's parliament has passed a law amendment to designate cryptocurrency assets as "financial assets," NHK news said on Wednesday. They previously fell under the "Payment Services Act."
- As financial assets, cryptocurrency assets will be subject to stricter regulations, for instance those governing insider trading, and the law amendment will mean stricter penalties for unregistered trading.
- The number of user accounts on cryptocurrency exchanges in Japan has grown steadily and crypto players are gearing up to reach a wider audience of Japanese investors.
- The change in treatment is expected to come into effect within a year, NHK said.
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