Abstract

This article summarizes key tax and regulatory developments in the global crypto assets industry during the first half of April 2026.

On the tax front, Japan’s cabinet approved an amendment to the Financial Instruments and Exchange Act (FIEA) reclassifying crypto as financial instruments, with an accompanying tax reform proposal to cut rates from up to 55% to a flat 20%.

On the supervision front, Australia passed legislation requiring crypto platforms to obtain financial services licences. The U.S. Treasury proposed GENIUS Act rules imposing AML and sanctions compliance obligations on stablecoin issuers. South Korea’s ruling party submitted a bill mandating bank-level reserve requirements for stablecoins, while regulators separately required unified withdrawal delay standards across domestic exchanges. The ECB endorsed ESMA oversight of major crypto firms and requested participation in crypto-related governance discussions. Hong Kong granted its first stablecoin issuer licenses, Argentina recognized crypto assets for accredited investor status, and the SEC exempted certain crypto trading front-ends from broker-dealer registration.

Part I Tax

1. Japan’s Cabinet Approves Crypto Reclassification as Financial Instruments; Tax Reform Proposes 20% Flat Rate (4.10)

Japan’s cabinet approved an amendment to the Financial Instruments and Exchange Act on April 10, reclassifying crypto assets including Bitcoin and Ethereum as financial instruments. The amendment introduces insider trading bans, mandatory annual disclosures, and higher penalties for unregistered operations. A parallel tax reform proposes reducing the crypto capital gains tax from up to 55% to a flat 20% with a three-year loss carry-forward. The bill requires Diet approval and is expected to take effect in fiscal year 2027. Click here to read the original article

Part II Supervision

1. Australia Passes Digital Asset Bill Bringing Crypto Platforms Under Licensing (4.1)

Australia’s Parliament passed the Corporations Amendment (Digital Assets Framework) Bill 2025, requiring crypto exchanges and custody platforms to obtain an Australian Financial Services Licence from ASIC. The bill creates two new regulated categories: Digital Asset Platforms and Tokenized Custody Platforms. Click here to read the original article

2. Argentina CNV Recognizes Crypto Assets Toward Accredited Investor Net Worth Threshold (4.7)

Argentina’s National Securities Commission (CNV) issued General Resolution No. 1125/2026, providing that virtual assets shall be considered part of an individual’s net worth for purposes of determining accredited investor status under Argentine securities law. The resolution defines virtual assets as “any digital representation of value that can be traded and/or transferred digitally and used for payment or investment,” encompassing cryptocurrencies, tokenized assets, and stablecoins. Click here to read the original article

3. U.S. Treasury Proposes GENIUS Act Rule for Stablecoin Issuers (4.8)

The U.S. Treasury’s FinCEN and OFAC issued a joint proposed rule to implement the anti-money laundering and sanctions compliance provisions of the GENIUS Act. The proposal would treat permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act and require them to maintain effective AML and sanctions compliance programs. Click here to read the original article

4. South Korea’s Ruling Party Proposes Digital Asset Basic Act with Bank-Level Stablecoin Rules (4.8)

South Korea’s ruling Democratic Party submitted the Digital Asset Basic Act to the National Assembly, proposing a comprehensive legal framework for digital asset issuance, trading, custody, and supervision. The bill requires stablecoin issuers to obtain regulatory authorization and meet strict reserve requirements and related standards. Tokenized RWA issuers must deposit underlying assets into trust accounts, and stablecoins are classified as payment instruments under the Foreign Exchange Transaction Act. Click here to read the original article

5. South Korean Regulators Mandate Unified Crypto Withdrawal Delays Across All Exchanges (4.8)

South Korea’s Financial Services Commission (FSC) and Financial Supervisory Service (FSS), together with the Digital Asset eXchange Alliance (DAXA), issued a unified framework requiring all domestic crypto exchanges to adopt identical withdrawal delay exemption criteria. Click here to read the original article

6. ECB Backs ESMA Oversight of Major Crypto Firms (4.9)

The European Central Bank endorsed a proposal to transfer supervisory authority over major crypto-asset service providers from national regulators to ESMA, according to a formal opinion published April 9. The ECB also requested non-voting membership in ESMA’s governance bodies for crypto-related discussions, citing implications for payment systems and monetary policy. Click here to read the original article

7. HKMA Grants First Stablecoin Issuer Licenses (4.10)

The Hong Kong Monetary Authority (HKMA) grants first stablecoin issuer licenses to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited, marking the initial approvals under Hong Kong’s stablecoin regime effective since August 2025. Click here to read the original article

8. SEC Staff Exempts Certain Crypto Trading Front-Ends from Broker-Dealer Registration (4.13)

The SEC’s Division of Trading and Markets issued a staff statement clarifying that certain user interfaces used to generate crypto asset securities transaction instructions are not required to register as broker-dealers, provided they do not solicit trades, offer investment advice, or execute transactions. The exemption does not apply to activities involving trade matching, custody, order routing, or investment advice. The guidance remains effective for five years. Click here to read the original article