The Financial Services Agency (FSA) will conduct a comprehensive review of Japan’s crypto laws, seeking to possibly loosen regulations and even lower capital gains taxes. However, unexpected election developments may impact the process.

The Liberal Democratic Party (LDP)’s new candidate has made few public statements on crypto, but industry figures are disappointed.

A Reclassification for Crypto

Bloomberg reported this upcoming review on September 30, claiming that the FSA is mainly aiming to assess Japan’s existing Payment Services Act.

Essentially, the goal of this review is to determine whether crypto should be regulated as a payment option, as it is currently, or an investment tool. An anonymous official claimed that Japan mostly uses crypto for the latter purpose, and this may change the entire legal paradigm.

Japanese crypto trading has been recovering throughout 2024, and a number of specific measures may help boost it further. Obviously, the most enticing possible change is a lowered tax on crypto gains, from as high as 55% to 20%, similar to stocks. The FSA has also mentioned increased consumer protection, and business leaders have called for looser restrictions.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

The demands from business leaders may prove especially salient to the FSA’s conclusions. Major corporations like Japan’s largest bank have already worked on a stablecoin since 2023, but they aren’t alone.

This year, electronics conglomerate Sony made headlines by acquiring an exchange. If Japan’s largest firms support relaxed measures, the FSA may listen.

Japan’s Election Shake-Up

A notable complication in the FSA’s survey is the upcoming election in Japan. Prime Minister Fumio Kishida is unable to seek re-election, and his constituency has made an unexpected choice for his successor: Shigeru Ishiba.

While Ishiba has expressed support for continuing previous economic policies, his selection follows a series of significant disagreements with his party, the LDP.

“If crypto had a vote, we would want Takaichi. She wants to continue ‘Abenomics’ which means more money printing and toleration of a weak yen,” prominent crypto entrepreneur Arthur Hayes claimed.

One of Ishiba’s first public statements as Kishida’s chosen successor has been to declare a snap election. As President of the LDP and presumptive new PM, Ishiba will dissolve the lower house of Parliament and hold an election on October 27. Kishida has been a valuable ally to Web3, but Ishiba has made few public statements on his own crypto policies.

Bloomberg quoted an FSA official who claimed that there are no clear conclusions on the length of the survey. However, he did state that is will likely last through the winter. In other words, it will certainly be ongoing when the election takes place, and Japanese stock markets have already wobbled since Ishiba became the new party leader.

Read more: Top 9 Crypto Friendly Countries For Digital Assets Investors

There are huge possibilities from this FSA study, but a bullish future for crypto is not guaranteed. If Ishiba loses or discontinues his predecessor’s pro-crypto policies, some opportunities for regulatory friendliness may be squandered. Still, as of yet, the FSA’s study has hardly begun, and it’s premature to make too many concrete predictions.

Disclaimer

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XRP price gained pace and was able to clear the $0.600 resistance. The price is up over 10% and is now consolidating gains near $0.6450.

• XRP price started a fresh increase above the $0.600 resistance zone.
• The price is now trading above $0.6250 and the 100-hourly Simple Moving Average.
• There is a key contracting triangle forming with resistance at $0.6500 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start a fresh increase if it clears the $0.6500 and $0.6550 resistance levels.

XRP Price Settles Above $0.60

XRP price started a major increase above the $0.60 resistance, beating Bitcoin and Ethereum. The bulls were able to pump the price above the $0.6120 and $0.6250 resistance levels.

It even broke the $0.650 resistance. A high was formed at $0.6642 and the price started a downside correction. There was a move below the $0.6550 and $0.6500 levels. The price tested the 50% Fib retracement level of the upward move from the $0.6082 swing low to the $0.6642 high.

The price is now trading above $0.6250 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.650 level. There is also a key contracting triangle forming with resistance at $0.6500 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $0.6550 level. The next key resistance could be $0.6640. A clear move above the $0.6640 resistance might send the price toward the $0.6850 resistance. Any more gains might send the price toward the $0.700 resistance or even $0.720 in the near term.

Are Dips Supported?

If XRP fails to clear the $0.650 resistance zone, it could continue to move down. Initial support on the downside is near the $0.6350 level. The next major support is near the $0.6285 level and the 61.8% Fib retracement level of the upward move from the $0.6082 swing low to the $0.6642 high.

If there is a downside break and a close below the $0.6285 level, the price might continue to decline toward the $0.6120 support in the near term. The next major support sits at $0.600.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.6350 and $0.6285.

Major Resistance Levels – $0.6500 and $0.6550.

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Solana is holding gains above the $150 resistance zone. SOL price is consolidating and might aim for a fresh increase above the $162 resistance zone.

• SOL price started a fresh increase above the $155 zone against the US Dollar.
• The price is now trading near $155 and the 100-hourly simple moving average.
• There is a key rising channel forming with support at $155 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The pair could start another increase if it stays above the $155 support zone.

Solana Price Regains Traction

Solana price extended its increase above the $155 resistance like Bitcoin and Ethereum. SOL even climbed above $160 before the bears appeared. A high was formed at $162 and the price started a downside correction.

There was a move below the $160 and $158 levels. However, the bulls were active near the $155 support zone. A low is formed at $155 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $162 swing high to the $155 low.

Solana is now trading near $155 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $155 on the hourly chart of the SOL/USD pair.

On the upside, the price is facing resistance near the $158 level. The next major resistance is near the $160 level. It is close to the 76.4% Fib retracement level of the recent decline from the $162 swing high to the $155 low. The main resistance could be $162.

A successful close above the $160 and $162 resistance levels could set the pace for another steady increase. The next key resistance is near $175. Any more gains might send the price toward the $180 level.

More Downsides in SOL?

If SOL fails to rise above the $158 resistance, it could start another decline. Initial support on the downside is near the $155 level. The first major support is near the $154 level.

A break below the $154 level might send the price toward the $149 zone. If there is a close below the $149 support, the price could decline toward the $142 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $155 and $149.

Major Resistance Levels – $158 and $162.

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