Japan considers new cyptocurrency rules, Asahi newspaper reports

Core Viewpoint - Japan's Financial Services Agency (FSA) is planning to regulate cryptocurrencies as financial products, which will include insider trading rules and a reduced tax rate on profits [1][2]. Group 1: Regulatory Changes - The new regulations will classify 105 types of cryptocurrencies, including bitcoin and ethereum, as financial products [1]. - Exchange service providers will be required to disclose information regarding the risks associated with price fluctuations [1]. Group 2: Taxation and Financial Institutions - Profits from cryptocurrency transactions will be taxed at a rate of 20%, aligning it with stock trading, down from the current maximum rate of 55% [2]. - Banks and insurance firms will be permitted to sell cryptocurrencies to their depositors and insurance holders through their securities subsidiaries [2]. Group 3: Legislative Timeline - The FSA aims to pass the necessary legislation during the next ordinary parliamentary session [3].