监管暖风撞上市场寒流，日本加密热潮面临考验

Core Viewpoint - The global cryptocurrency market is experiencing a significant downturn, with Bitcoin dropping below the psychological threshold of 100,000 USD, which poses a serious pressure test for Japan's recently optimistic crypto market [1] Market Dynamics - Japanese investors' cryptocurrency assets reached over 5 trillion JPY (approximately 33.16 billion USD) by the end of July, marking a 25% increase from the previous month, reflecting a peak period of market enthusiasm [1] - By the end of September, this asset size slightly decreased to 4.9 trillion JPY, indicating the initial effects of market cooling [1] - The current inflation rate in Japan is outpacing wage growth, leading to a heightened risk appetite among investors for high-risk investments [1] Regulatory Environment - Industry players are actively preparing for market growth, with discussions around regulatory adjustments that may lower cryptocurrency tax rates and ease restrictions on leveraged trading and asset securitization [2] - The Financial Services Agency (FSA) in Japan is refining regulatory proposals, which are expected to be submitted to the Diet for review, potentially coming into effect by 2026 or 2027 [8] Industry Growth Potential - The number of individuals with securities accounts is approximately three times that of cryptocurrency accounts, indicating significant growth potential in the market [4] - The CEO of Bitbank noted that the supportive stance of the Trump administration towards cryptocurrencies has influenced Japan's regulatory approach to be more favorable [5] New Product Launches - Established exchanges are launching new products and services in anticipation of regulatory changes, including potential tax reforms that could stimulate trading activity [8] - Coincheck has partnered with Mercari to offer a wider range of cryptocurrency options to its user base, which has seen significant growth in accounts [8] Investor Behavior - Retail investors are increasingly pursuing high returns, with some allocating over 90% of their assets to cryptocurrencies, driven by the desire to diversify away from low-yield assets [11] - The volatility of cryptocurrency prices poses significant risks to new investors, with industry experts advising caution and suggesting that cryptocurrencies should be viewed as alternative assets rather than core holdings [11][12]