涉外律师解读：日本区块链与加密货币法律法规核心要点

Regulatory Evolution and Core Definitions - Japan's regulation of digital assets began with the revision of the Payment Services Act (PSA) in 2017, introducing concepts such as "Crypto Asset Exchange Services" (CAES) and "Crypto Asset Exchange Service Providers" (CAESP) [3] - Initial regulations were relatively lenient regarding user protection and anti-money laundering (AML) but have been strengthened due to incidents of asset leakage and updates from the Financial Action Task Force (FATF) [3] - In 2022, the Japanese government included Web3 in its national strategy, leading to reforms in financial and tax regulations, and proposed significant adjustments to the regulatory framework by 2025 [3] Legal Definitions and Classification - The PSA defines "Crypto Assets" as digital assets that can be used for payment to unspecified parties and can be traded through electronic data processing systems, distinguishing them from "securities" under the Financial Instruments and Exchange Act (FIEA) [4] - CAES encompasses four types of services: buying and selling crypto assets, intermediary services, related fund management, and custodial services [4] - Japan employs a "function-oriented" regulatory framework, categorizing different types of digital assets under various legal regulations [5] Classification of Digital Assets - Crypto assets and utility tokens, represented by Bitcoin (BTC) and Ethereum (ETH), are regulated under the PSA, requiring entities engaged in related activities to register as CAESP [6] - Stablecoins are classified into two categories: fiat-collateralized stablecoins, recognized as "electronic payment tools" (EPIs), and algorithmic stablecoins, which may be classified as crypto assets if they can be transferred to unspecified parties [6] - Security tokens, representing equity, debt, or fund interests, are regulated under the FIEA and require registration as Type I Financial Instruments Business Operators (Type I FIBOs) for issuance and trading [7] - NFTs, due to their uniqueness and non-fungibility, are generally not subject to current regulations unless they are issued without restrictions on payment functionality [8] Compliance Core: Registration, User Protection, and AML - CAESP applicants must be incorporated entities with a minimum capital of 10 million yen and must pass a rigorous compliance review by the Financial Services Agency (FSA) [9] - A strict user asset protection system mandates that CAESP segregate user funds from their own and store at least 95% of user crypto assets in offline "cold wallets" [10] - CAESP and EPIESP must comply with anti-money laundering regulations, including customer due diligence and record-keeping for seven years [11][12] Taxation System and Recent Adjustments - Profits from crypto asset trading are classified as "miscellaneous income," subject to progressive tax rates of 5%-45%, plus a 10% resident tax, with provisions for loss deductions [13] - Recent tax reforms for 2023-2024 aim to alleviate the tax burden on companies holding crypto assets by exempting certain assets from year-end market valuation tax obligations [13] Other Key Legal Issues - Under Japanese civil law, crypto assets can theoretically be inherited, but issues arise due to the anonymity of assets and the necessity of private keys for access [14] - Mining activities are not specifically regulated, but if they involve the sale of investment fund rights, they must comply with relevant financial laws [15]