The Japanese Senate has passed an amendment to the Gold Act, defining encrypted assets as financial products
According to CoinPost, on July 15th, the Japanese Senate passed partial amendments to the Financial Commodity Trading Act and the Fund Settlement Act, defining encrypted assets as financial commodities. The cryptocurrency exchange operator has been renamed as a cryptocurrency trading operator, and the maximum sentence for unregistered sales has been increased to no more than 10 years, with fines raised to no more than 10 million yen. The amendment introduces regulations on insider trading of encrypted assets, requiring specific issuers of encrypted assets to regularly disclose information. In terms of tax system, encrypted assets will be subject to separate taxation with a tax rate of about 20% from comprehensive taxation, and losses will be allowed to be carried forward for 3 years. It is expected to be implemented from January 1, 2028.