Japan's Senate passed amendments to the Financial Instruments and Exchange Act on July 15, reclassifying cryptocurrencies from payment instruments to financial products. The law cuts the top tax rate on crypto gains from 55% to 20% starting in January 2028, adds insider trading rules, and opens the path for spot Bitcoin ETFs around 2027.
Matters because: Clearer rules and lower tax friction could make Japan a more attractive market for institutional crypto participation.