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Home/Markets & Investing/STABLECOIN US LEGISLATION · CRYPTO REGULATION BILL

Japan's Crypto Reclassification Shifts Taxes from 55% to 20%

JL

Jordan Langdon

stablecoin US legislation · Apr 10, 2026

Japan's Crypto Reclassification Shifts Taxes from 55% to 20%

Source: The Digital Ledger Data Terminal

Investors in Japan will see their maximum tax rate on cryptocurrency gains drop from 55% to a flat 20.3%. This change follows the cabinet's approval of a bill to reclassify 105 cryptocurrencies, including Bitcoin and Ethereum, as financial instruments. The move shifts oversight from the Payment Services Act to the Financial Instruments and Exchange Act (FIEA), which governs stocks and bonds.

Related Brief3d ago
cryptocurrency

Treasury Secretary Bessent's Push for the Clarity Act targets the flight of crypto companies to Singapore and Abu Dhabi

Companies and developers have moved to jurisdictions like Singapore and Abu Dhabi because of regulatory uncertainty in the U.S. market. This uncertainty stems from the SEC and CFTC applying different standards to digital assets. Treasury Secretary Scott Bessent has urged Congress to pass the Clarity Act to resolve this. The act would establish a registration framework for trading platforms and intermediaries and clarify the standards for determining whether a digital asset is a security. It would also include disclosure and custody rules for investor protection, anti-money laundering measures, and authority to respond to illicit finance. Bringing digital-asset activity into a clear regulatory framework would strengthen oversight and transparency.

Under the previous system, crypto gains were treated as miscellaneous income and combined with salary, which pushed many investors into higher progressive tax brackets. The new framework treats crypto as a financial asset, allowing for separate taxation and a three-year carryforward of losses to offset future gains.

Related Brief1d ago
cryptocurrency regulation

Coinbase backs crypto bill as stablecoin compromise nears, signaling shift from opposition

Coinbase CEO Brian Armstrong now supports the Clarity Act crypto bill, marking a shift from the company's prior stance of neutrality or opposition. The exchange had previously resisted the bill due to unresolved concerns over restrictions on stablecoin yields. Those provisions are now close to resolution, with chief legal officer Paul Grewal stating, "the legislation is almost final." The shift signals a growing alignment between major crypto firms and regulators. U.S. Treasury Secretary Scott Bessent has urged Congress to fast-track the bill, emphasizing the need for structured oversight of digital asset markets. The Clarity Act will establish clear regulatory standards for stablecoins, trading platforms, and compliance frameworks. Its passage is widely seen as a prerequisite for institutional capital to enter the crypto market at scale. Regulatory certainty, not market price, is now the key determinant of investor positioning.

The bill, which is expected to pass the Diet in the second quarter of 2026, will be fully enforced by early 2027. Along with the tax reform, the FIEA brings mandatory reporting for all listed tokens and criminal penalties for insider trading and market manipulation.

Related Brief2d ago
cryptocurrency

US Treasury Secretary Scott Bessent pushes for the Clarity Act to stop crypto development from leaving the US

Crypto development has relocated to Abu Dhabi and Singapore because the regulatory framework for digital asset markets is unclear. US Treasury Secretary Scott Bessent wrote in a Wall Street Journal op-ed that the benefits of domiciling in the US rarely outweighed the risks. He urged Congress to pass the Clarity Act, a bill that creates federal rules for digital assets. The act would provide the legal certainty crypto companies have long argued is essential to continue operating in the US. The House of Representatives passed its version of the bill in July. The legislation has been held up for months by a clash between the banking and cryptocurrency industry over how the bill treats interest and other rewards paid on stablecoins. Banks have been pushng for language in the bill prohibiting the practice. The Clarity Act aims to ensure cryptocurrency development and investment remain anchored in the US.

Japanese Venture Capital firms can now hold and invest in crypto assets directly through Limited Partnerships. This change, supported by the Ministry of Economy, Trade and Industry, aligns with Prime Minister Fumio Kishida's "New Capitalism" policy. The reclassification also removes legal barriers to the potential approval of spot Bitcoin ETFs in the Japanese market.

Related Brief2d ago
digital assets

Stablecoin Yield Ban Transfers $800 Million From Consumers to Banks

Consumers lose $800 million in annual returns under a prohibition of yield on digital assets. This loss is the result of the GENIUS Act, enacted in July 2025, which prohibits stablecoin issuers from offering issuers from offering interest or yield on holdings. Users moved $54.4 billion from stablecoins back into bank deposits. Total bank lending increased by $2.1 billion, representing 0.02% of the total loan size. Large banks provide 76% of6% of the additional lending, while community banks with assets below $10 billion provide 24%. Community bank lending increased by $500 million, or 0.026%.

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