Japan to Review Effectiveness of Crypto Regulations

- Japan is planning to review the effectiveness of its cryptocurrency regulations in the coming months, which could pave the way for the launch of cryptocurrency exchange-traded funds (ETFs) in the country.

- According to Bloomberg, Japan’s Financial Services Agency (FSA) will review whether current regulations are effectively protecting investors, especially under the Payment Services Act (PSA) and the Financial Instruments and Exchange Act (FIEA).

- The move could lead to changes in laws or reclassification of digital assets, which would improve investor protections and potentially reduce taxes on cryptocurrencies.

- Japan has made some concessions on crypto taxes, such as exempting companies that issue tokens from a 30% tax. Prime Minister Fumio Kishida is also pushing for Web3, which has attracted the participation of major corporations such as Sony and Mitsubishi Bank. 🚀