According to CoinPost, Japan's House of Councillors has passed the amendments to the Financial Instruments and Exchange Act and the Payment Services Act, officially defining cryptocurrency as a 'financial product' for the first time at the legal level. To enhance investor protection, Japan has introduced insider trading regulations in the crypto sector for the first time, prohibiting trading based on undisclosed critical information and granting investigative authority to securities monitoring committees. The maximum penalty for unlicensed operations has been raised to 10 years imprisonment or a fine of 10 million yen. Additionally, mandatory annual information disclosure requirements have been introduced for issuers of 'specific crypto assets.' On tax reform, the bill proposes shifting crypto earnings from the current comprehensive taxation system (with a maximum tax rate of 55%) to separate declaration taxation (approximately 20% tax rate) and supports a 3-year loss carryforward, expected to take effect on January 1, 2028. Furthermore, the proposed amendments aim to establish a framework to support cryptocurrency ETFs. https://www.(wublock123.com)/news/news-64648