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Cryptocurrencies: Major Changes in Cryptocurrency Regulation in Japan
The amendments to the Financial Instruments and Exchange Law and the Fund Settlement Act address virtual currencies and aim to intensify crypto trading restrictions.
The Japanese government has decided at a cabinet meeting to introduce some amendments to the Financial Instruments and Exchange Law as well as the Fund Settlement Act. These amendments address virtual currencies and aim to intensify crypto trading restrictions.
As Nikkey.com has reported, the revised proposal contains several key points. Firstly, now the names of digital currencies will be changed to “cryptographic assets”, which goes in line with the expressions used in 20 countries and regions (G20) meetings. Secondly, it will protect assets in preparation for repayment in case of customer asset outflows.
It is notable that the revised bill does not suggest having a force that obliges individual exchange traders (virtual currency exchanges) to name cryptographic assets. A lot of businesses have already been registered in ‘virtual currency’, and that’s why all of them will have to decide whether to change the company’s name or not.
Further, the revised bill states that customer’s virtual currency should be managed by means of a cold wallet and if managed on the net, the currency must be backed by financial resources. Margin transactions are to be regulated as foreign exchange evidence (FX) transactions.
The law also prohibits advertising that encourages speculation, forbids unfair trade including price manipulation and calls for informing about changing the company’s cryptocurrency in advance.
According to the Financial Instruments and Exchange Law, clarified issuance of tokens is to be regulated by the Financial Instruments and Exchange Act. Moreover, the law maintains information disclosure for investors and restricts sales for token intermediaries.
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