Wu said he learned that Japan is moving to shift cryptocurrency trading regulation from the “Funds Settlement Act” to the “Financial Instruments and Exchange Act” framework, reclassifying cryptocurrencies as financial instruments—similar to the framework for stocks and bonds. Information on a bill submitted to Japan’s House of Councillors shows that the relevant amendment was passed by the House of Representatives’ Financial and Financial Committee on June 10, and further parliamentary procedures are still required. The plan is to change cryptocurrency income tax from a maximum of 55% comprehensive taxation to a 20% capital gains tax rate, and to leave room for a framework to be set up for cryptocurrency ETFs.