Svmuu News: On July 15, the Japanese Senate plenary session passed and enacted the “Partial Amendment to the Financial Instruments and Exchange Act and the Funds Settlement Act,” reclassifying crypto assets from a means of payment to financial instruments. Key amendments include: the designation of “crypto-asset exchange operators” has been changed to “crypto-asset trading operators”; the maximum prison term for unregistered sales has been increased from up to 3 years to up to 10 years; and the maximum fine has been raised from up to 3 million yen to up to 10 million yen; Regulations on insider trading involving crypto assets were introduced for the first time, prohibiting trading based on material non-public information; issuers of certain crypto assets are required to disclose information annually. Regarding the tax system, the regime has shifted from comprehensive taxation with a maximum rate of 55% to separate taxation based on tax returns, with a tax rate of approximately 20%. Losses may be carried forward for up to three years, and the new system is expected to take effect on January 1, 2028.