The Financial Services Agency (FSA) of Japan is preparing a comprehensive reform of the country's cryptocurrency regulatory framework, planning to classify digital assets as "financial products" under the Financial Instruments and Exchange Act.
According to a report by Asahi Shimbun on Sunday, the plan will introduce mandatory disclosure requirements for 105 cryptocurrencies listed on domestic exchanges (including Bitcoin (BTC) and Ethereum (ETH)) and will for the first time bring them under insider trading regulations.
The report states that if the bill is passed, exchanges will be required to disclose detailed information about the 105 tokens they list, including whether the asset has an identifiable issuer, the blockchain technology supporting it, and its volatility characteristics.
It is reported that the FSA plans to submit new cryptocurrency-related legal proposals to Japan's main parliamentary session in 2026 for approval.
The FSA is also pushing for tax reform. Currently, cryptocurrency gains in Japan are taxed as "miscellaneous income," meaning high-income traders could face tax rates of up to 55%, one of the highest tax systems in the world.
The agency now hopes to tax the gains from the 105 approved cryptocurrencies in a manner similar to stocks, adopting a uniform capital gains tax rate of 20%.
Another notable part of the proposal is the attempt to curb insider trading in the local cryptocurrency market. Under the bill, individuals or entities that can access non-public information, such as upcoming listings, delisting plans, or the financial difficulties of issuers, will be prohibited from buying or selling the affected tokens.
Last month, reports indicated that the FSA is considering allowing banks to acquire and hold cryptocurrencies like Bitcoin for investment purposes. Under current regulations, banks are effectively prohibited from holding digital assets due to volatility concerns, but the FSA plans to revisit these restrictions at the upcoming Financial Services Commission meeting.
It is reported that the regulatory agency is also exploring whether bank groups should be allowed to register as licensed cryptocurrency exchanges, enabling them to directly offer trading and custody services to customers.
Related: Singapore warns that unregulated stablecoins may pose systemic risks as new regulations are about to be introduced.
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