Japan is set to begin a review of the nation’s cryptocurrency rules, opening up the possibility of lower taxes on digital assets and potentially paving the way for the roll out of domestic funds investing in tokens.
The Financial Services Agency in coming months will assess whether the current approach of regulating crypto under the payments law is adequate, an official at the agency said, asking not be identified in line with the institution’s rules.
The FSA will examine whether the law offers adequate investor protection, since tokens are used mostly for investing rather than payments, the official said. That may lead to changes to the law, or the reclassification of crypto as financial instruments that fall under the investment law, the official said.
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