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    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

    Process In 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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    Nirmala Velupillai
    Nirmala Velupillai
    Nirmala is a blogger who has been fascinated by the world of technology and its contributions to societal development. While a novice, her eager to learn about the crypto world has led her to write a number of pieces on its positive and negative aspects. On her spare time, she indulges in understanding and building statistical models and enhancing her painting skills.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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