Japanese House of Reps Accepts Financial Services Agency Bill Regarding Crypto Regulation


On Friday, May 31, Japan officially announced the passing of a new bill, initially created by the country’s Financial Services Agency (FSA), that entail national laws on how to deal with cryptocurrencies reports Coin Telegraph and Coin Telegraph Japan. The update has since been revealed on the FSA’s official website.

Coin Telegraph has provided a breakdown of some of the aspects of the bill, which was altered to include crypto assets. Here’s an overview of what the bill is and its purpose:

Legal Name
  • Crypto assets
Purpose
  • To tighten cryptocurrency regulations for the purpose of protecting investors
  • To regulate cryptocurrency services
  • To lighten risks associated with said investment
  • To secure everyone involved from potential scams and hacks
  • To promote a healthy cryptocurrency legislation
  • To limit leverage

ProcessIn order to achieve the six aforementioned goals, the country has passed a bill, which contains two primary acts that have been adjusted accordingly. They include:

  • “The Act on Fund Settlement”
  • “The Financial Instruments and Exchange Act”

 

Since the initial draft has now been approved, it has been reported that the acts will come into effect starting April 2020.

As for the legal name, the country has since alerted investors that the asset should be referred to as “crypto assets” as opposed to “virtual currencies” to avoid confusion.

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