New Bitcoin (BTC) Move From Japan That Will Change All Rules!

In the US, the year 2024 hosted landmark decisions for *Bitcoin (BTC) and cryptocurrencies. Because spot Bitcoin and Ethereum ETFs have been approved.

After these approvals, it is considered certain that altcoins such as XRP, Solana (SOL) will be approved when applying for ETFs.

While the ETF activity in the US has set an example for other countries, Japan has also opened the doors to ETFs.

According to a report from local news agency Coinpost, Japan's Financial Services Agency today published a proposal to bring cryptocurrencies under the Financial Instruments and Exchange Act.

At this point, the proposal proposes that cryptocurrencies such as Bitcoin be recognized as "financial products" under the Financial Instruments and Exchange Act (FIEA), which regulates securities and traditional financial products.

The proposal, which will be reviewed by the Financial System Council tomorrow, June 25, could pave the way for spot Bitcoin ETFs in Japan, allowing crypto gains to be taxed at a flat rate of 55% instead of the current tiered tax rate of up to 20%.

This change could make BTC and crypto investments more attractive to both retail and institutional investors.

Finally, experts predict that if the proposal presented in Japan is accepted and cryptocurrencies are treated as a financial product, it will pave the way for regulated crypto investment instruments. This, in turn, could mean that spot Bitcoin ETFs, something that Japan has held back to for years, could eventually gain approval.