In Japan, Bitcoin and other virtual currencies will merge into a single category

The Financial Services Agency of Japan (FSA) has proposed to merge Bitcoin and other virtual currencies into a single category called cryptoactives, reports The Japan News .

According to the regulator, this is necessary for a clearer definition of the concept of virtual money and to prevent investors from misunderstanding when classifying assets and including them as legal means of payment.

The report, which refers to the double interpretation of the term "virtual currency", was presented to the FSA advisory group this Friday. It is expected that in the near future the regulator will revise the relevant laws and regulations, including the Law on payment services, which provides for the use of virtual currencies.

The agency also plans to attract local cryptocurrency companies to the discussion, hoping to convince them to adopt the concept of “cryptoactive assets”.

In addition, the FSA Advisory Group noted the need to develop a mechanism to protect cryptocurrency users in the event of a cash outflow.

Last year, the Japanese government amended the Payment Services Act to allow the use of virtual currencies as a payment method. At the same time, this law defines cryptocurrency as “property” that can be used to purchase goods and services, but it is not a legal payment method.

Earlier it was reported that the National Tax Agency of Japan (NTA) is preparing legislative amendments , according to which it will be able to demand information about clients suspected of tax evasion from cryptocurrency exchanges.

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