JUST IN: The Japanese Parliament has passed a landmark amendment bill to reclassify cryptocurrencies as "financial assets." Along with this, the tax rate on crypto profits has been set at a fixed 20.315%, expected to take effect in January 2028. - Reclassification of law: Crypto is moved from the Payment Services Act (PSA) to the Financial Instruments and Exchange Act (FIEA), placing cryptocurrencies on par with traditional investments. - Tax reduction: Income tax on crypto is separated from regular income tax (which can be as high as 55%), applying a fixed rate of 20% similar to securities. - Scope of application: The fixed tax rate applies to assets listed on registered exchanges in Japan. - Investor protection & Paving the way for ETFs: It opens the legal basis for spot Bitcoin exchange-traded funds (Spot Bitcoin ETFs) and applies strict anti-insider trading rules equivalent to those in the stock market.
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