It seems that Japan's Financial Services Agency has started to take action. They appear to be finalizing a major regulatory reform plan regarding cryptocurrencies and digital payments, and recently they have also begun soliciting public comments.

What’s noteworthy is that the Financial Services Agency aims to introduce physical cryptocurrency ETFs by 2028. This could represent a significant turning point for Japan’s cryptocurrency market. At the same time, there is a proposal to uniformly reduce capital gains tax to 20%, which would be a substantial benefit for individual investors.

The regulatory framework is also being developed, with moves to reclassify cryptocurrencies as specific assets under the Investment Trust Law. This would make custody standards and investor protection mechanisms more stringent. It also indicates that the Financial Services Agency is committed to balancing market transparency and safety.

Personally, I find it rare that Japan’s Financial Services Agency is so serious about developing the cryptocurrency environment. The difference in long-term market growth between countries where regulators are proactive and those where they are not can be significant. I think this is a relatively important moment to watch how the Japanese market will respond.