Japan’s FSA Debating Stricter Rules on Crypto Assets
Tokyo, Aug. 24 (Jiji Press)--Japan’s Financial Services Agency has started debates about introducing stricter regulations on crypto assets in order to better protect users.
The government agency set up a section to oversee digital and decentralized finance as well as a panel of experts on the issue last month, amid progress in technological innovation including on cryptocurrencies and central bank digital currencies.
The agency plans to draw up as early as summer next year measures to ensure the stability of these new forms of finance in a way that does not hamper their development.
In 2019, the agency, through a law revision, strengthened regulations on cryptocurrency exchange operators, mandating them to manage users’ assets in a safer way following a massive theft of digital currency.
However, the agency believes that operators have not taken sufficient measures against money laundering and price volatility.
[Copyright The Jiji Press, Ltd.]