Schlagwort: blockchain regulation

• Cryptocurrencies now fall under Japan’s securities-style financial laws.
• Insider trading rules and stricter disclosures will apply.
• Lower taxes may boost investor and institutional participation.

Japan has taken a major step in reshaping how it treats cryptocurrencies.

A new bill approved by the government moves cryptocurrencies into the category of financial assets, placing them closer to traditional investment products such as stocks and bonds.

Following the approval, Japan now no longer views crypto just as a payment tool, but as part of its wider financial system.

This change is expected to have a wide impact on exchanges, investors, and crypto companies operating in Japan.

A shift from payment tools to financial instruments

For years, cryptocurrencies in Japan were mainly treated as a means of payment under a lighter regulatory framework. That approach is now being replaced with a more structured system based on financial market rules.

Under the new bill, cryptocurrencies will fall under the Financial Instruments and Exchange Act.

This is the same legal framework used to regulate traditional securities. In simple terms, crypto is being pulled into the same category as regulated financial products like equities.

This change is not just about classification. It also changes how the market is expected to behave.

Cryptocurrency exchange platforms and issuers will now be required to follow stricter rules around transparency, reporting, and operational conduct.

The aim is to make the crypto market function with the same level of structure and accountability seen in conventional financial markets.

Stronger investor protection and market discipline

One of the most important parts of the new framework is the introduction of stricter rules around market fairness.

The bill introduces restrictions similar to those seen in stock markets, including clear prohibitions on insider trading in crypto markets.

This means individuals with access to non-public information about tokens or projects will not be allowed to use that information for trading advantage, which will greatly reduce manipulation and unfair practices in the sector.

In addition, crypto companies and exchanges will face tougher disclosure requirements. They are expected to provide regular and detailed information about their operations and token-related activities.

This is designed to give investors a clearer picture of what they are dealing with before making financial decisions.

Penalties are also being strengthened.

Operating without proper registration or violating market rules can now lead to heavier fines and stricter legal consequences, including prison sentences in serious cases.

The intention is to discourage bad actors and improve overall trust in the system.

These changes reflect a broader effort to build a safer trading environment as Japan tries to reduce risk in a market that has often been criticised for volatility and lack of transparency.

Cryptocurrency tax changes

Alongside regulatory reform, there is also discussion around tax adjustments that could make crypto investment more attractive.

One of the key expected changes is a shift toward a flat capital gains tax rate of around 20%.

This would bring crypto taxation closer to the system used for traditional investments and significantly lower the burden compared to previous progressive rates.

A simpler and more predictable tax structure could encourage more individual and institutional participation in the market. It also removes one of the long-standing barriers for investors who were hesitant due to complex tax obligations.

At the same time, the new legal framework opens the door for greater institutional involvement.

With crypto now treated as a financial asset, banks, asset managers, and investment firms may find it easier to enter the market.

This could eventually lead to the development of regulated crypto investment products, including exchange-traded funds.

The broader shift in Japan’s financial strategy

Japan’s decision is part of a larger effort to modernise its financial system.

By aligning crypto with traditional financial instruments, the country is building a framework that supports both innovation and regulation at the same time.

This move also positions Japan as one of the more structured crypto markets globally.

While some regions continue to debate how to regulate digital assets, Japan is moving ahead with a clear legal classification and enforcement structure.

The long-term goal appears to be creating a stable environment where digital assets can grow under established financial rules.

If successful, this approach could attract more global capital and strengthen Japan’s position in the evolving digital economy.

The post Japan approves bill to classify crypto as financial assets appeared first on CoinJournal.

• Misleading claims about Qoin approval, liquidity, and merchant acceptance were upheld.
• The court imposed financial penalties, public notices, and a long-term operating ban.
• ASIC is easing some crypto licensing requirements while maintaining enforcement pressure.

Australia’s long-running court battle against BPS Financial has ended with a decisive ruling that sharpens the spotlight on regulatory gaps in the country’s crypto and digital payments sector.

The Federal Court has ordered BPS Financial Pty Ltd to pay 14 million Australian dollars in penalties for operating its Qoin Wallet without the required licence and for making misleading claims about the product.

The case, brought by the Australian Securities and Investments Commission, centred on whether BPS crossed the line from technology provider to financial services operator.

The court found that it did.

By promoting and issuing the Qoin Wallet as a non-cash payment facility tied to its Qoin digital token, BPS was found to have engaged in regulated conduct without holding an Australian Financial Services Licence, breaching the Corporations Act.

How Qoin crossed into regulation

Between January 2020 and mid-2023, BPS promoted the Qoin Wallet as a way for users to transact using Qoin tokens across a network of merchants.

The court determined that this activity went beyond a simple software product. It involved issuing a payment facility and providing financial services and advice, both of which require licensing in Australia.

ASIC argued that the structure and promotion of the Qoin Wallet meant consumers were encouraged to treat it as a functional alternative to traditional payment methods.

The court agreed, finding that the absence of a licence during this period placed the product outside Australia’s legal framework for consumer protection.

Misleading claims under scrutiny

The court also upheld findings that BPS engaged in misleading and deceptive conduct.

Earlier judgments in 2024, upheld on appeal in 2025, found that the company made false statements about the status and functionality of Qoin.

These included claims that the product was officially approved or registered, that Qoin tokens could be readily exchanged for fiat currency or other crypto-assets, and that the token was widely accepted by merchants.

The court found these representations created an inaccurate impression of liquidity, acceptance, and regulatory standing.

ASIC launched civil penalty proceedings in 2022 after concluding that such claims were likely to influence consumer decisions.

The Federal Court imposed penalties totalling 14 million Australian dollars, including 1.3 million dollars for unlicensed conduct and 8 million dollars for misleading representations.

The court also barred BPS from operating a financial services business without a licence for 10 years, ordered corrective notices to be published on the Qoin Wallet app and website, and required the company to pay most of ASIC’s legal costs.

Judge Downes described the conduct as serious and unlawful, noting the involvement of senior management and weak internal compliance systems.

A widening compliance gap

The BPS decision lands at a time when ASIC is adjusting parts of its crypto regulatory approach.

In December, the regulator finalised exemptions designed to simplify the distribution of stablecoins and wrapped tokens.

These measures allow the use of omnibus accounts with appropriate record-keeping and remove the need for some intermediaries to hold separate Australian Financial Services licences.

The changes aim to reduce compliance costs for firms operating in digital assets and payments.

In a report released on Tuesday titled Key issues outlook 2026, ASIC chair Joe Longo identified digital assets and fintech as areas where regulatory gaps persist.

The report also flagged risks linked to opaque private credit, superannuation operational failures, high-risk investment sales, and AI-related consumer harm.

Together, these developments show a regulator trying to balance flexibility with consumer protection.

The BPS ruling exposes where that balance has yet to be fully defined.

The post What the BPS ruling reveals about Australia’s crypto compliance gap appeared first on CoinJournal.

• Wet werkelijk rendement Box 3 is set to begin on January 1, 2028, according to the Dutch parliament.
• A 36% flat tax will apply to positive net returns above a €1,800 threshold per person.
• Losses can be carried forward to offset future gains.

The Netherlands is preparing to change how it taxes investors, and the shift could have a direct impact on people holding Bitcoin and other crypto assets.

Starting in 2028, the country plans to tax unrealised gains, meaning investors could owe tax even if they have not sold their holdings.

According to a post shared by Crypto Rover, the Netherlands is moving towards taxing unrealised Bitcoin gains, bringing fresh attention to how governments may treat crypto under mainstream investment rules.

The policy is expected to cover a broad set of assets, including Bitcoin, other cryptocurrencies, stocks, bonds, and similar investments.

For many investors, the key issue is that tax would be triggered by changes in value over time, not by selling and locking in profits.

That makes the reform especially relevant for crypto holders, who often deal with sharp price swings and long holding periods.

Netherlands plans overhaul of Box 3 wealth tax

According to the Dutch parliament, the Netherlands will introduce a new tax system called Wet werkelijk rendement Box 3 starting January 1, 2028.

The idea is to tax investors based on the actual returns they make each year, rather than on estimated returns set by the government.

Under the planned approach, authorities would compare the value of a person’s assets at the start and end of the year. Any income earned during that period would also be included in the calculation.

This means investors could be taxed on both realised profits and unrealised gains that only exist on paper.

The tax will apply to Bitcoin, other cryptocurrencies, and traditional investment products.

The reform is designed to treat different asset classes equally and apply one consistent method across a modern portfolio.

Why the Netherlands is changing its tax model

The proposed change follows a court ruling that found the old Box 3 system unfair.

Under the previous framework, investors were taxed based on assumed returns, even if their holdings did not perform in line with those assumptions.

Lawmakers argue the new structure is more accurate because it is based on the real change in value of assets, rather than an estimate that may not reflect actual outcomes.

Supporters of the change believe it improves fairness, especially for investors whose returns have historically been overstated by the assumed-return method.

The planned system also reflects how investment behaviour has evolved over the years.

Many households now hold a mix of traditional assets and crypto, and the government appears to be moving towards rules that apply consistently across both categories.

How unrealised gains would be taxed each year?

Under the new rules, the government would calculate a person’s yearly investment result by comparing asset values at the beginning and end of the year, plus any income earned during that period.

A 36% flat tax would apply to positive net returns above a €1,800 annual threshold per person.

In simple terms, the tax would be linked to annual performance rather than transactions.

That means an investor could owe tax if their portfolio rises in value, even if they did not sell anything and did not receive cash from their holdings.

If an investor records a loss, that loss can be carried forward and used to offset future gains.

This gives investors some protection during negative years, although the timing mismatch between paper gains and cash flow remains a concern for some.

What the reform could mean for Bitcoin and crypto holders

For crypto investors, the biggest challenge is volatility. Bitcoin and other digital assets can rise sharply in a short time, and then fall just as quickly.

A year-end value increase could create a tax bill, even if the investor has not sold any crypto and has no cash available from those gains.

Critics warn this could create liquidity pressure, especially for long-term holders who do not want to sell their Bitcoin just to fund tax payments.

Some also fear it could push investors and crypto businesses to relocate if the system becomes too costly or difficult to manage.

With the Box 3 reform planned for 2028, the Netherlands is positioning itself for a major shift in investor taxation, and crypto holders may soon face annual tax calculations tied to market movements rather than selling decisions.

The post Netherlands to tax unrealised Bitcoin gains under new Box 3 rules appeared first on CoinJournal.

• The SSC launched the process after the Ministry of Finance issued Decision No. 96.
• Banks and brokers, including SSI, VIX, and major lenders, are preparing to apply.
• Rules include 10 trillion dong capital, 65% institutional ownership, and a 49% foreign cap.

Vietnam has formally moved closer to running a regulated crypto market after opening applications for licences to operate digital asset trading platforms.

The step brings the country’s long-planned pilot programme into action, setting the stage for approved exchanges to operate under direct regulatory oversight.

The State Securities Commission of Vietnam (SSC) said the licensing window opened on Tuesday, following the introduction of new administrative procedures under Decision No. 96 by the Ministry of Finance.

The decision implements a resolution on piloting a regulated crypto asset market, which Vietnam has been developing for years.

Even with the licensing process now live, the market is still in its early phase.

No platform has yet been licensed, and regulators have not announced approvals since the application window opened.

SSC opens licensing window under new procedures

The SSC confirmed that applications under the new administrative procedures will be accepted beginning January 20, 2026.

Vietnam’s Ministry of Finance issued Decision No. 96 as part of implementing the country’s resolution to pilot a regulated crypto asset market.

The SSC framed the move as a step towards bringing crypto under formal regulatory supervision.

The opening of the licensing window also follows a key legal shift. Vietnam’s Law on the Digital Technology Industry entered into force on Jan. 1, defining digital and crypto assets in statute for the first time.

Under the law, Vietnam recognises crypto assets as property. However, it explicitly excludes them from legal tender status.

The country also maintains restrictions on the use of crypto as a means of payment, keeping the pilot focused on regulated market activity rather than consumer transactions.

Domestic banks and securities firms prepare applications

While the licensing window marks progress, Vietnam’s regulated crypto market is still waiting for actual approvals.

That said, early interest from domestic financial firms appears to be emerging.

Vietnam News reported on Wednesday that around 10 securities companies and banks have publicly announced plans and their readiness to participate in the crypto asset market once licensed.

The report stressed that these institutions are preparing applications rather than already operating approved platforms.

Among the firms named was SSI Securities, which established SSI Digital in 2022.

Another is VIX Securities, which has invested in its VIXEX digital asset exchange unit.

Several major banks were also listed, including Military Bank, Techcombank, and VPBank.

The institutions indicated they plan to begin operations only after receiving regulatory approval.

No crypto exchange licensed as pilot enters operational phase

Even though Vietnam has opened the licensing window, the pilot framework remains at the starting line in practical terms.

That context matters because the latest application process does not automatically mean platforms will launch quickly.

Vietnamese regulators have not announced any receipt or approvals of applications since the licensing window opened, meaning the number of applicants and their progress remains unclear.

For investors and market participants, this suggests Vietnam is moving in a controlled and staged way, with formal procedures advancing before any exchange can legally operate under the pilot regime.

Vietnam’s strict licensing framework shapes market entry

Vietnam’s crypto licensing framework is among the most restrictive in the region, reflecting the government’s cautious approach to market development.

Applicants must be Vietnamese entities with a minimum paid-in capital of 10 trillion dong, roughly $380 million.

At least 65% of the capital must be held by institutional shareholders, setting a high barrier that favours established domestic firms.

Foreign ownership is capped at 49%, restricting overseas participation and reinforcing Vietnamese control of licensed operators.

Taken together, these conditions show Vietnam is prioritising large-scale, institution-led platforms with strong capital bases.

The focus appears to be on controlling systemic risk and ensuring compliance standards from the start, rather than allowing fast, open-ended growth across the crypto sector.

The post Vietnam launches formal licensing for digital asset trading platforms appeared first on CoinJournal.

• SEC deputy secretary-general Jomkwan Kongsakul said crypto ETF rules could be issued early this year.
• Thailand’s SEC will treat crypto as another asset class and allow up to 5% portfolio allocation to digital assets.
• KuCoin Thailand is seeking to resolve an SEC suspension linked to capital requirements and a shareholder dispute.

Thailand’s Securities and Exchange Commission is preparing a new set of regulations designed to bring crypto investment products further into the country’s formal financial system.

The regulator is working on rules to support crypto exchange-traded funds (ETFs), crypto futures trading, and tokenised investment products, according to SEC deputy secretary-general Jomkwan Kongsakul.

The Bangkok Post reported on Thursday that the SEC aims to issue formal guidelines for crypto ETFs in Thailand “early this year.”

The move signals Thailand’s effort to position itself as a regional crypto hub for institutional investors, even as retail trading remains active despite a ban on crypto payments.

Crypto ETFs move closer to formal approval

Kongsakul said the SEC’s board has approved crypto ETFs in principle and the agency is now finalising investment and operational rules. He said the regulator sees crypto ETFs as a product that could reduce barriers for investors who may be hesitant about directly holding digital assets.

“A key advantage of crypto ETFs is ease of access; they eliminate concerns over hacking and wallet security, which has been a major barrier for many investors,” Kongsakul said.

Under the proposed framework, the SEC will treat crypto as “another asset class,” and investors will be able to allocate up to 5% of a diverse portfolio to digital assets.

Futures trading planned for TFEX

Alongside ETF guidelines, the SEC is also moving to regulate and enable crypto futures trading on the Thailand Futures Exchange (TFEX).

This would allow investors to gain exposure to crypto price movements through regulated derivatives markets.

Kongsakul said other initiatives under consideration include establishing market makers to support trading liquidity and recognising digital assets as an official asset class under the Derivatives Act.

Thailand has been working to attract more institutional interest in crypto markets, particularly through regulated products that sit within existing legal frameworks.

Tokenisation and sandbox collaboration with central bank

The SEC is also expanding its approach beyond ETFs and futures through tokenisation initiatives.

Kongsakul said the agency is working with the Bank of Thailand on a tokenisation sandbox, which could provide a controlled setting for testing tokenised instruments.

The SEC “will encourage issuers of bond tokens to enter the regulatory sandbox,” Kongsakul added.

By pushing tokenised bond products into a supervised environment, Thailand could develop regulated pathways for blockchain-based issuance without opening the door to unmonitored retail distribution.

Tighter oversight for financial influencers

While expanding products and market access, the SEC is also tightening standards around promotion and investment-related content online.

Kongsakul said the regulator is stepping up oversight of “financial influencers,” signalling that marketing and informal advice will face more restrictions.

He said, “Any recommendation related to securities or investment returns will require proper authorisation as either an investment advisor or introducing broker.”

The rules aim to curb unregulated investment promotion, particularly at a time when digital assets continue to be widely discussed across social media.

KuCoin Thailand works to resolve SEC suspension

The regulatory shift comes as the Thai SEC continues enforcement actions in the local exchange market.

Earlier in January, the SEC suspended KuCoin Thailand’s operations after the company’s capital fell below the minimum requirements for five consecutive days, according to local news outlet The Nation on Wednesday.

KuCoin Thailand said the breach was linked to a shareholder dispute between Singapore’s CI group and KuCoin Global, which prevented approval of a planned capital increase.

The company said the issue was not due to actual financial liquidity problems.

KuCoin entered the Thai market in June 2025 and is planning for its local entity to apply for a digital-asset broker license.

The company said this would allow it to offer a wider range of financial products.

Thailand’s crypto market remains active, with Bitkub, the country’s largest exchange, seeing daily trading volumes of around $60 million.

Even with crypto payments banned, regulators appear to be prioritising controlled investment access through structured products such as ETFs, futures, and tokenised instruments.

The post Thailand moves toward crypto ETFs, futures and tokenised investment products appeared first on CoinJournal.