In a recent report, local Japanese media outlet Sankei has indicated that the Japanese Financial Services Agency (FSA) is to change the legal foundations on which cryptocurrency regulations are based in the country.
The report made on 3 July states that the Japanese financial watchdog is considering to regulate cryptocurrency exchanges under the Financial Instruments and Exchange Act (FIEA), which is a switch from the Payment Services Act.
Under the new classification, exchanges would be required to manage private and institutional assets separately.
According to the report made by Sankei, the law (FIEA) “obliges securities companies and others to manage customer funds and securities (stocks, etc.) separately from corporate assets”. It also establishes “a strict investor protection system, such as forbidding insider trading of stocks”.
To read the full article go to: https://bitcoinnews.com/japan-to-upgrade-crypto-and-exchange-legislation/
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