2024

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DeFi

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<div class="intro-text">
 Japan is set to reevaluate its cryptocurrency regulations, potentially leading to reduced taxes and enabling domestic funds to invest in crypto, according<a href="https://www.bloomberg.com/news/articles/2024-09-30/japan-crypto-review-may-open-door-to-lower-taxes-dedicated-etfs" rel="noopener noreferrer nofollow"> to Bloomberg.</a>
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Bloomberg reportedly spoke to an official from the country’s top financial regulator, the Financial Services Agency (FSA). In the coming months, the FSA will evaluate whether the current framework of regulating crypto under the Payments Act is sufficient, according to the official who requested anonymity in accordance with agency policies.
The FSA will assess whether the Payments Act provides sufficient investor protection, given that tokens are primarily used for investment rather than payments. This review could result in amendments to the act or the reclassification of cryptocurrencies as financial instruments under Japan’s investment law, the official told Bloomberg.
According to Yuya Hasegawa, a market analyst at crypto exchange Bitbank Inc., reclassifying digital assets under the Financial Instruments and Exchange Act would strengthen investor protections and bring about significant changes, as reported to Bloomberg.
The FSA official refrained from speculating on the potential outcomes of reclassification, stating that no conclusions have been reached yet and that the review is expected to continue through the winter.
In February, Japan <a style="color: #0000ff;" href="https://www.meti.go.jp/press/2023/02/20240216001/20240216001.html" rel="noopener noreferrer nofollow">bolstered </a>its blockchain ecosystem by permitting local investment limited partnerships to invest in cryptocurrencies. This move is part of a broader legislative effort to stimulate venture capital investment in Web3 projects. The amendment to the Act on Strengthening Industrial Competitiveness seeks to offer regulatory clarity for crypto-focused startups and enhance Japan’s venture capital landscape. This initiative highlights the government’s commitment to bolstering its crypto sector and lays the groundwork for substantial advancements in the Web3 space.
This move aligns with recent comments from Japan’s Prime Minister Fumio Kishida, who <a style="color: #0000ff;" href="https://defi-planet.com/2024/08/japans-prime-minister-touts-web3-as-key-to-tackling-societal-challenges-urges-further-reforms/" rel="noopener noreferrer nofollow">underscored</a> the importance of Web3 and blockchain technology in addressing societal challenges. During a video address at the WebX 2024 opening ceremony held at The Prince Park Tower in Tokyo, Kishida discussed the role of Web3 within his “New Capitalism” policy. He emphasized that tackling social issues can drive economic growth and outlined the government’s initiatives, including tax and legal reforms, to facilitate fundraising for Web3 startups.
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The post <a href="https://defi-planet.com/2024/09/japans-financial-watchdog-to-review-crypto-regulations-amid-growing-web3-focus-bloomberg/" rel="noopener noreferrer nofollow">Japan’s Financial Watchdog to Review Crypto Regulations Amid Growing Web3 Focus – Bloomberg</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Japan’s Financial Watchdog to Review Crypto Regulations Amid Growing Web3 Focus – Bloomberg

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