Japanese Financial Regulator Proposes to Include Cryptocurrency in Securities Regulations
BlockBeats News, September 4th, according to Cointelegraph, on Tuesday, the Financial Services Agency (FSA) of Japan released a report suggesting that cryptocurrency regulation should be shifted from the "Payment Services Act" to the more stringent "Financial Instruments and Exchange Act" (FIEA) framework. This move aims to enhance investor protection, address issues such as unclear disclosure of information, unregistered operations, and security vulnerabilities within the industry, and align cryptocurrency regulation with securities regulation.
The report indicates that Japan already has over 12 million cryptocurrency accounts, with total user deposits amounting to 5 trillion yen (about 33.7 billion US dollars). If the new regulations are implemented, cryptocurrency issuers will face stricter disclosure requirements, and intermediary services will also be subject to tighter oversight. The proposal is currently in the form of an internal briefing document awaiting final decisions from the Financial System Council and the government.
You may also like
Gainers
Latest Crypto News
Analysis: The main reason for the recent cryptocurrency market crash was the Bank of Japan hinting at a rate hike and market concerns about a potential "Strategy" disaster.
Paradigm's associated wallet sent 6300 ETH to Coinbase
Coinbase Executive Sued by Shareholders for Alleged $4.2 Billion Insider Trading
An address holding 50 BTC has just been activated after being dormant for 15.7 years
Pacifica: Users who were liquidated between October 1st and December 1st will receive a 20% bonus on December transactions.
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:[email protected]
VIP Services:[email protected]