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According to a report published on March 31 by Nikkei, a Tokyo-based financial news outlet, the Japanese authorities are gearing up to categorize digital assets as financial products, while in the process broadening the scope of insider trading restrictions. While the publication didn’t cite a particular source, it reported that the Japanese Financial Services Agency (FSA) is expected to file a draft amendment related to the existing Financial Instruments and Exchange Act in 2026.Photo by M.S. Meeuwesen on UnsplashFrom payment to investment productCurrently, Japan’s Payment Services Act categorizes crypto assets as a means of settlement. That categorization looks at these assets from the perspective of a payment tool rather than considering them as investment products. The move is understood to be part of a broader effort to copper-fasten crypto sector oversight. Earlier this month, the Japanese cabinet approved a proposal that seeks to amend the Payment Services Act.  At the time, it had been suggested that the amendment would look to exclude crypto assets from being classified as securities, while also bringing about a reduction in the capital gains tax rate as it is applied to digital assets. It’s likely that crypto assets will find themselves in a distinct category, apart from securities like stocks and bonds. Crypto adoptionActivity related to crypto assets has been growing in Japan. 7.34 million active accounts were found to be responsible for crypto transactions in Japan in January. That amounts to a tripling in such crypto transaction activity over the course of five years. Japan enjoyed greater adoption at a very early stage in the global development of crypto. However, following the Mt. Gox crypto exchange collapse in 2014, which at the time accounted for the loss of 7% of Bitcoin’s supply, regulators responded by clamping down on the sector.  That situation led to greater investor protection for Japanese investors but it presented as a difficulty for Japan-based exchanges to compete globally with other exchange businesses overseas. A conservative stance taken by the FSA has also held back crypto exchange-traded fund (ETF) approval and adoption. Bitcoin ETFs were approved in the United States over a year ago. Earlier this month, Astar Network founder Sota Watanabe outlined that the current ruling party in Japan plans to remove crypto assets from a securities classification, alongside other changes which could potentially lead to the approval of crypto ETFs. The Liberal Democratic Party has also put forward crypto tax reforms that, if implemented, would see a 20% tax rate brought into effect where capital gains on digital assets are concerned.The finer detail with regard to the nature of insider trading restrictions as they will be applied to crypto assets has yet to be revealed. Nikkei speculated that such restrictions would likely be similar to those applied to conventional financial products. Last week, the Asia Web3 Alliance Japan, a crypto advocacy group, put forward a proposal to the U.S. Securities and Exchange Commission (SEC) that, if implemented, would see collaboration between the U.S. regulator and Japan’s FSA, its central bank and the Ministry of Economy, Trade and Industry. The objective of the proposal is to bring about cross-border regulatory clarity related to the further development of the Web3 ecosystem in both Japan and the U.S.

The Japanese government and ruling coalition have begun coordinating plans to introduce a flat 20% separate tax on cryptocurrency gains, based on a Dec. 1 report by Nikkei cited by CoinDesk Japan. The change is expected to be reflected in the 2026 tax reform outline.Photo by Nataliya Vaitkevich on PexelsLower crypto taxes, aligned with stocksUnder the proposal, income from crypto trading would be taxed in line with traditional financial instruments such as stocks. This would mark a notable decrease from the current regime, under which cryptocurrency gains are treated in principle as miscellaneous income, combined with salary and other earnings, and taxed on a comprehensive basis at rates that can climb to around 55% including local taxes. Policymakers are reportedly treating the move toward separate taxation as contingent on the establishment of a stronger investor-protection framework through tighter regulation. The planned reforms are also seen as potentially laying the groundwork for the eventual domestic approval of exchange-traded funds (ETFs) backed by crypto assets. Market pullback deepens on policy signalsThe more favorable tax outlook for investors came against a weaker market backdrop. According to CoinMarketCap, the total crypto market capitalization declined about 1.73% over the past 24 hours, extending a pullback that followed recent communications from the central banks of Japan and China. In a Dec. 1 report by Reuters, Bank of Japan (BOJ) Governor Kazuo Ueda indicated that the central bank intended to consider the possibility of an interest-rate increase at its next policy meeting. His comments are interpreted as suggesting a potential shift toward higher rates in December, prompting concern that yen-funded carry trades could begin to be unwound. Such trades typically involve borrowing yen at low interest rates to invest in higher-yielding assets, and their reversal can create pressure on broader asset markets. In a separate weekend statement, the People’s Bank of China (PBOC) restated that digital asset trading remains illegal in China and highlighted what it described as a renewed pickup in speculative crypto activity. The central bank also singled out stablecoins as a source of risk, pointing to concerns about fraud, money laundering, and unauthorized cross-border capital flows that could undermine Beijing’s efforts to maintain capital controls. Against this policy backdrop, major cryptocurrencies moved in mixed directions. Over the past 24 hours, Bitcoin inched up around 1.02%, Ethereum declined about 0.86%, and XRP fell roughly 0.9%. Analysts split amid weak market activityAnalysts and market commentators continued to diverge on the implications of the latest pullback. Veteran trader Peter Brandt suggested on X that Bitcoin may be entering a deeper corrective phase similar to those seen in past bull markets. He cited historical instances of “exponential decay” and suggested the price could retrace toward $50,000 before potentially advancing to the $200,000–$250,000 range in the next rally cycle. Author Robert Kiyosaki, known for “Rich Dad Poor Dad,” reiterated his preference for assets such as gold, silver, Bitcoin, and Ethereum in a Nov. 29 post on X, linking this stance to his view that the Japanese carry trade had effectively run its course. Roughly a week before that message, he had disclosed selling about $2.25 million worth of Bitcoin at around $90,000 per coin, noting that his initial purchase price had been close to $6,000. By contrast, long-time Bitcoin critic Peter Schiff continued to argue in favor of precious metals. He contended that gold derives inherent value from industrial and commercial uses tied to its physical properties, including conductivity, ease of shaping, and resistance to corrosion, while maintaining that Bitcoin lacks practical utility and instead depends on investor belief. SwanDesk CEO Jacob King, another skeptic of the asset, offered an even more pessimistic assessment. He said he did not expect Bitcoin to revisit its previous all-time high and characterized the current decline as the final bear market before the asset ultimately fades from relevance. Shorter-term indicators have reinforced expectations for muted trading conditions. According to CNBC, Grayscale Head of Research Zach Pandl pointed to a decline in open interest for perpetual futures, interpreting it as a sign of reduced speculative positioning and leverage. He also highlighted relatively subdued trading volumes on both centralized and decentralized exchanges, suggesting that near-term market activity is likely to remain restrained. 

Over 3,700 participants flock to Upbit D Conference to explore insights in blockchainThe sixth annual Upbit D Conference (UDC), a major blockchain event in South Korea hosted by the country’s biggest cryptocurrency exchange Upbit, commenced on Monday (local time) at the Grand Walkerhill Seoul Hotel. Touting the theme “All That Blockchain,” the conference gathered some 3,700 participants — including 39 blockchain experts from 29 countries — both online and offline.Aimed at contributing to the blockchain ecosystem, UDC has gained acclaim as a non-profit event featuring in-depth lectures by experts from around the globe. While it initially focused on industry and technology alone, the conference has since expanded its scope to cover areas such as policy, finance, business, culture and trends.Photo by Gerd Altmann on PixabayLively guest discussionsHighlights of the event included a session led by Roger Ver, the founder of Bitcoin.com, who discussed the trajectory of the blockchain industry and the current status of Bitcoin. Korean telecommunications giant SK Telecom’s Executive Vice President, Oh Se-hyeon, also shared insights into the prospects of Web3 and blockchain services in Korea.Other speakers included Emily Parker, Executive Director of CoinDesk; Howard Fischer, former Senior Trial Counsel at the US Securities and Exchange Commission (SEC); Nizam Ismail, former Founding Chairman of the Regulatory and Compliance Sub-Commitee at Blockchain Association Singapore; and Kim Kab-lae, Senior Research Fellow at the Korea Capital Market Institute. Together, the four experts discussed country-specific perspectives and current issues regarding the rapidly changing regulatory landscape of the global virtual asset industry.“As blockchain’s influence expands across the economy, culture and society, UDC has evolved into a comprehensive conference capable of encompassing all aspects of blockchain. We hope it serves as a place that sparks positive inspiration and valuable connections,” said Song Chi-hyung, Chairman of Dunamu, the operator of Upbit.Growing recognitionOver the past five years, UDC has seen participation from over 1,190 companies and nearly 19,100 individual attendees. As of this month, the cumulative number of views on the conference’s official YouTube videos has reached 1.12 million. Videos of all of this year’s sessions can be viewed on the UDC YouTube channel and website.