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. REUTERS/Toru Hanai
TOKYO, July 15 : Japan's parliament has passed a law amendment to designate cryptocurrency assets as "financial assets," NHK news said on Wednesday. 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.
