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日经新闻:日本金融厅计划提议将加密资产正式归类为金融产品

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2025-03-31 04:10:00

日本拟将加密货币列为金融产品:2026年监管升级或重塑投资格局



据《日经新闻》独家报道,日本金融厅(FSA)正酝酿一项重大政策变革——计划将加密资产正式归类为金融产品,这将成为该国打击加密货币内幕交易新规的核心举措。消息显示,金融厅在组织闭门专家研讨会完成现行法律评估后,最早将于2026年向国会提交《金融工具和交易法》修正案,此举可能彻底改变日本加密货币市场的监管范式。



目前日本依据《支付服务法》将加密货币定性为结算手段,但新规将使其获得与证券同等的法律地位。值得注意的是,监管范围将显著扩大:
• 强制注册制度:不仅加密货币交易所,所有开展加密资产投资推介业务的公司都需向金融厅注册
• 内幕交易监管:虽保留加密资产与股票债券的区分,但将采用类似传统金融的内幕交易审查机制



政策转向的直接诱因是日本境内加密货币诈骗案件激增。2022年LINK币骗局等事件造成超3亿日元损失,促使监管机构寻求更严格的投资者保护措施。分析人士指出,该修正案若通过:
• 短期阵痛:交易所合规成本可能上升20-30%,部分中小平台或退出市场
• 长期利好:明确的金融产品定位将吸引机构投资者,预计2027年前或带来额外50亿美元合规资金流入



【对投资者的影响批注】

1. 风险溢价降低:金融产品身份将提升市场透明度,减少欺诈项目存活空间

2. 税务处理变更:资本利得税可能适用现行金融产品20%税率(原按杂项收入计税)

3. 准入门槛提高:散户投资者或面临更严格的风险评估流程

4. 衍生品创新加速:受监管的加密期货/期权产品有望推出

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