Will Japan Apply the Financial Instruments and Exchange Act to Virtual Assets?…Potential Changes in Taxation System
Summary
- Japan’s Financial Services Agency officially announced a proposal to include virtual assets as subjects under the Financial Instruments and Exchange Act.
- It was reported that, if adopted, this proposal would provide the institutional groundwork for introducing a spot Bitcoin ETF.
- It was stated that since a 20% flat tax rate could be applied to virtual assets, changes in the taxation system are expected.
Japan's Financial Services Agency (FSA) has reportedly proposed including virtual assets (cryptocurrencies) under the scope of the Financial Instruments and Exchange Act (FIEA).
According to WuBlockchain on the 24th (local time), the FSA officially proposed including virtual assets as subjects to the Financial Instruments and Exchange Act. If this proposal is adopted, it is expected to establish the institutional foundation for introducing spot Bitcoin (BTC) ETFs within Japan. Furthermore, virtual assets are also expected to be subject to a flat 20% tax rate, similar to stocks. Currently, virtual assets in Japan can be taxed up to 55%.
Meanwhile, the proposal is expected to be reviewed at the Financial System Council meeting scheduled for the 25th (local time).
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit!["Will AI take our jobs?" Fear spreads…market rattled by a plunge in shares [New York Market Briefing]](https://media.bloomingbit.io/PROD/news/874408f1-9479-48bb-a255-59db87b321bd.webp?w=250)
