"Crypto assets are financial products"—the day when this "premise" is rewritten.

In April 2026, the Japanese government finally presented a clear answer: the Cabinet decision on the revised Financial Instruments and Exchange Act. This is not merely a change in regulations, but a turning point that rewrites the very "premise" of the existence of crypto assets. Please note that these rules will only actually come into effect after the "effective date," following the Diet's enactment and a public awareness period (approximately one year).

Crypto assets, previously discussed as a means of payment, will be clearly redefined as "investment targets."

The essence of this revision lies in incorporating crypto assets into the framework of the Financial Instruments and Exchange Act and applying regulations similar to those for securities. Information disclosure, auditing, and insider trading regulations—all areas that were previously ambiguous in the crypto asset market.

A symbolic example is the introduction of the concept of "specific crypto assets." Tokens issued through IEOs and other means will be treated similarly to securities, requiring explanations accompanied by numerical data and accountability. For projects above a certain size, auditing by auditing firms will be mandatory, ushering in an era where fundraising cannot be achieved through white papers that merely outline "concepts."

Furthermore, regulations against insider trading and stealth marketing will be introduced. Revenue models that rely on information asymmetry will likely be institutionally rejected.

Warren Buffett's quote, "You only know who's swimming naked when the tide goes out," accurately describes this situation. This reform can truly be described as the "receding tide."