❤️❤️❤️ JAPAN CRYPTO NEW REGULATION 💪
Japan's new regulation focuses on investor protection by mandating that all customer crypto-assets be held domestically. The Financial Services Agency oversees the implementation while remaining vigilant about market changes.
The regulation involves Japan’s parliament and the Financial Services Agency, setting new rules for exchanges. It aims to reduce risks associated with foreign-based exchange failures.
Impact on the Crypto Market
The regulatory update impacts all crypto-assets on local exchanges, such as BTC and ETH. It establishes a lighter regulatory framework for intermediary businesses, fostering innovation in areas like in-game crypto exchanges.
The history of regulatory leadership, as seen post-Mt. Gox, positions Japan to continue setting precedents. The new regulation streamlines investor protection and promotes technological innovation through regulatory adjustments.
“Japan’s parliament on Friday enacted a bill to revise the payment services law to allow the issuing of an order to prevent outflows of crypto assets held by investors in Japan when crypto exchanges based abroad go bust.” — Jiji Press, News Wire..
