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Japan's finance watchdog says no plans yet to classify crypto as financial products

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Japan's Financial Services Agency says it doesn't yet have plans to revise local finance laws after Nikkei reported it would classify cryptocurrencies as financial products.
Japan is set to legally classify cryptocurrencies as financial products, according to a report by the Nikkei news outlet. This reclassification, expected to be implemented as early as 2023, aims to enhance investor protection and prevent fraudulent activities within the crypto market. The move follows a series of high-profile crypto exchange hacks and frauds in Japan, including the collapse of the Mt. Gox exchange in 2014. By treating cryptocurrencies as financial products, Japanese regulators hope to apply stricter regulations and oversight, similar to those governing traditional financial instruments, to ensure the stability and security of the crypto market.

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