Japan to recognise cryptocurrency as 'financial assets', NHK says

Japan to recognise cryptocurrency as 'financial assets', NHK says TOKYO, July 15 : Japan's parliament has passed a law amendment to designate cryptocurrency assets as "financial assets," NHK news said on Wednesday. They previously fell under the "Payment Services Act." • As financial assets, cryptocurrency assets will be subject to stricter regulations, for instance those governing insider trading, and the law amendment will mean stricter penalties for unregistered trading. • The number of user accounts on cryptocurrency exchanges in Japan has grown steadily and crypto players are gearing up to reach a wider audience of Japanese investors. • The change in treatment is expected to come into effect within a year, NHK said.