Japanese media: Japan is considering new cryptocurrency regulations.

According to a report by the Asahi Shimbun, Japan's Financial Services Agency (FSA) is considering enacting regulations to define cryptocurrencies as financial products subject to insider trading rules and to lower their profit tax rate. The report states that these regulations would apply to the 105 cryptocurrencies currently circulating in Japan, such as Bitcoin and Ethereum, and would require exchange service providers to disclose information such as price volatility risks. Under the new regulations, banks and insurance companies would be allowed to sell cryptocurrencies to depositors and insurance holders through their securities subsidiaries. Profits from cryptocurrency transactions would be subject to a 20% tax rate, the same as the tax rate for stock transactions, a significant reduction from the current maximum of 55%. Sources indicate that the FSA hopes to pass the legislation during next year's regular Diet session.