Japan's FSA Proposes Reclassifying 105 Crypto Tokens as Financial Products

Japan's Financial Services Agency plans to designate 105 crypto tokens, including Bitcoin and Ethereum, as financial products under the Financial Products Transaction Act, sources told Asahi Shimbun. The agency is also seeking to lower the tax rate on gains from these assets to a flat 20%, compared with the current rate of up to 55% applied to miscellaneous income.