Japan to recognise cryptocurrency as 'financial assets', NHK says
A man stands near an advertisement of a cryptocurrency exchange in Tokyo, Japan March 30, 2018. Picture taken March 30, 2018
PHOTO: Reuters
TOKYO — Japan's parliament has passed a law amendment to designate cryptocurrency assets as "financial assets", NHK news said on Wednesday (July 15).
They previously fell under the Payment Services Act.
As financial assets, cryptocurrency assets will be subject to stricter regulations, for instance those governing insider trading, and the law amendment will mean stricter penalties for unregistered trading.
The number of user accounts on cryptocurrency exchanges in Japan has grown steadily and crypto players are gearing up to reach a wider audience of Japanese investors.
The change in treatment is expected to come into effect within a year, NHK said.
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