The Japanese Senate passed a bill to include encrypted assets as financial commodities

On 15 July, CoinPost reported that, on 15 July, the plenary session of the Japanese Senate had passed a bill aimed at amending the Financial Instruments and Transactions Act and the Payment Services Act to redefine encrypted assets as financial goods from means of payment. Core amendments include: the change of name of the encrypted asset exchanger to an encrypted asset trader, an increase in the maximum sentence for unregistered sales from less than 3 years to less than 10 years, an increase in the fine from less than 3 million yen to less than 10 million yen; the introduction for the first time of a code of insider transactions of encrypted assets, which prohibits the use of undisclosed material information for transactions; and the annual periodic disclosure of information by the issuer of a specified encrypted asset. With regard to the tax system, a shift from a total tax of up to 55 per cent to a tax on the declaration of separation (at about 20 per cent) and allowing for a three-year carry-over of losses is expected to take effect on 1 January 2028. The proposed amendment would also establish an institutional framework to support the creation of an encrypted currency, ETF。