[Japanese Senate Passes Amendments to the Financial Instruments and Exchange Act, Officially Classifying Crypto Assets as Financial Products] According to CoinPost, the Japanese Senate plenary session passed and enacted amendments to the Financial Instruments and Exchange Act and the Payment Services Act on July 15, redefining crypto assets from a payment method to financial products. Key revisions include: renaming crypto asset exchange operators to crypto asset trading operators, increasing the maximum prison term for unregistered sales from less than 3 years to less than 10 years, and raising fines from less than 3 million yen to less than 10 million yen; introducing regulations on insider trading of crypto assets for the first time, prohibiting transactions using undisclosed material information; requiring specific crypto asset issuers to disclose information regularly on an annual basis. In terms of taxation, the system will shift from a maximum 55% comprehensive taxation to separate self-assessed taxation (tax rate approximately 20%), allowing loss carryforward for up to 3 years, with implementation expected starting January 1, 2028.