Cryptocurrency as Financial Products: Amendment to the Financial Instruments and Exchange Act Passed in the House of Councillors

The bill to amend the Financial Instruments and Exchange Act and the Act on Settlement of Funds, which transitions the regulation of cryptocurrency transactions from the framework of the Payment Services Act to that of the Financial Instruments and Exchange Act (FIEA), was approved and enacted at the House of Councillors meeting on the 15th. The amendment had been decided by the Cabinet on April 10th, passed by the House of Representatives Finance and Financial Affairs Committee, and then moved to the House of Councillors for deliberation. The core of the amendment is the first-time designation of cryptocurrencies, previously positioned merely as a means of payment, as financial products...