Cantor's Weekly Crypto Brief (7/12-7/18)

研报英文原文证据摘录

Cantor's Weekly Crypto Brief (7/12-7/18)

July 19, 2026

Source: CoinDesk Data, Factset, Cantor Research, as of 7/18

Japan Passes Landmark Bill Recognizing Crypto as a Financial Product and Cutting

the Tax Rate. Japan's parliament enacted amendments to the Financial Instruments

and Exchange Act (FIEA) that formally reclassify crypto assets as a distinct category of

financial product akin to stocks and bonds, moving them out from under the Payment

Services Act, where they had been treated as a payment method. The amendments

establish the basis for separate crypto taxation at an effective rate of ~20%, down

from the current maximum of ~55% on miscellaneous income, and add three-year loss

carry-forward deductions; the tax changes are expected to take effect in January 2028

(enforcement beginning in FY2027). The bill also tightens the regulatory perimeter—

stricter insider-trading prohibitions, mandatory annual issuer disclosures, and heavier

penalties for unregistered operations (maximum prison term raised from three to ten

years)—and, notably, lays the groundwork for domestically issued spot crypto ETFs,

with the Japan Exchange Group reportedly eyeing first listings as early as 2027. We

view the reforms as a structural positive for Japanese crypto adoption, lowering the

after-tax cost of holding digital assets for domestic investors and building the rails for

regulated institutional products.

Hyperion DeFi Enters HYPE Asset Use Service (HAUS) Agreement with Skew

Technologies for HIP-3 Perpetual Futures Markets & Listing Services. Hyperion DeFi

(HYPD, OW) entered into a HYPE Asset Use Service ("HAUS") agreement with Skew

Technologies to deploy 500,000 HYPE in support of a new suite of institutional

perpetual futures products on Hyperliquid's HIP-3 permissionless markets.