Finally landed! 日本 The Japanese Cabinet officially passed the amendment to the Financial Commodity Exchange Act today, officially recognizing cryptocurrencies as financial commodities! This marks a significant historical shift in Japan's cryptocurrency regulation. From simply regulating encrypted assets as a "means of payment" in the past, to a financial commodity framework that is completely equivalent to stocks and bonds. This step has been taken very pragmatically, strengthening market norms and significantly reducing the burden on investors. The most anticipated income tax reform has arrived: cryptocurrency profits will be significantly reduced from the highest 55% comprehensive progressive tax to a fixed tax rate of about 20%, similar to Japanese stocks (including a resident tax of about 20.315%). This change will cover approximately 105 tokens registered and listed on domestic exchanges in Japan, and is expected to be officially implemented around 2027-2028. At the same time, it is allowed to carry forward losses for three years under certain conditions, reducing the pressure on high-frequency traders. In addition to tax reform, the amendment also adds several important provisions: explicitly prohibiting the use of undisclosed information for insider trading and other activities; Require issuers of encrypted assets to disclose information once a year, including technical parameters, supply, and risk factors; Change the registered operator's name from "Crypto Asset Exchange Operator" to "Crypto Asset Trading Operator"; The penalties for selling without a license have been significantly increased, with detention sentences raised from less than 3 years to less than 10 years and fines raised from 3 million yen to 10 million yen. These measures aim to further protect the rights and interests of investors, ensure market fairness, transparency, and orderly development. The move by the Japan Financial Services Agency is in response to the reality of a significant increase in the use of cryptocurrency investments. As of now, there are over 13 million domestic encrypted accounts in Japan, with a managed asset size of approximately 5 trillion yen, and nearly 90% of users mainly hold them for the long term. This reform will undoubtedly further stimulate the vitality of the local market. The next step is to look forward to the Tokyo Stock Exchange launching a Bitcoin spot ETF. Several large institutions such as Nomura Securities and SBI Holdings are actively preparing and are expected to land around 2028. Once ETFs are listed, ordinary investors can easily trade through traditional securities accounts, similar to the mature model of the US stock market, which will greatly enhance Japan's competitiveness in the global cryptocurrency market. The following are several mainstream tokens with high trading volume in Japan last month (mainly JPY trading pairs on domestic exchanges): BTC (still dominant and consistently leading in trading volume), ETH, XRP (popular in Japan), SOL, and others. These tokens are active on platforms such as BitFlyer and Coincheck, with BTC daily trading volumes often exceeding hundreds of millions of dollars. Japan has taken a steady and forward-looking step, focusing on regulatory protection while vigorously unleashing market potential. This is a significant positive signal for the entire Asian cryptocurrency market! It will not only attract more capital back to Japan, but may also drive neighboring countries to follow up with more friendly policies. In the long run, Asia will become an important engine for global cryptocurrency innovation, and Japan's pragmatic attitude deserves attention. Welcome everyone to discuss. What is your opinion on Japan's recent reform? Are you optimistic about the inflow of funds brought by tax reform, or are you more looking forward to the early landing of ETFs?