Cryptocurrencies to be Regulated as Financial Products, Amendment to the Financial Instruments and Exchange Act Passes Lower House Committee

From the Payment Services Act to the Financial Instruments and Exchange Act, Transforming the Regulatory Framework

The bill to transition the regulation of cryptocurrency (crypto assets) trading from the Payment Services Act to the Financial Instruments and Exchange Act (Financial Instruments and Exchange Act) was approved by the House of Representatives Finance and Financial Affairs Committee on June 10. The amendment, which was decided by the Cabinet and submitted to the Diet on April 10, will now move to the House of Representatives plenary session and then to the House of Councillors for deliberation.

The core of the amendment is the repositioning of what has previously been considered a means of payment...