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Japan has given final approval to an amendment to the Financial Instruments and Exchange Act that classifies crypto assets, or cryptocurrencies, as financial products rather than payment instruments.
CoinPost reported on July 15 that Japan’s House of Councillors approved the bill at a plenary session. The measure transfers crypto regulation from the Payment Services Act to the Financial Instruments and Exchange Act framework.
The centerpiece of the amendment is the formal designation of crypto assets as financial products for the first time. It also changes the name used for crypto businesses and strengthens penalties for operating without…
