Japan Is Going to Strengthen Its Cryptocurrency Regulations

japan regulation

According to our article on the cryptocurrency regulation in Asian countries, Japan has always been one of the most tolerant countries towards digital currency. Unlike China, the Japanese government did not see banning and blocking as the way to control this sphere. Thus, the ICO projects, cryptocurrency exchanges etc. could develop rather easily.

The situation changed a bit after the major Japanese exchange Coincheck was hacked and a big amount of money was stolen. The sum equalled to unbelievable half a million dollars in tokens.

The government did not stay out of it. The Financial Services Agency (FSA) took measures to protect the security of digital assets in Japan.

Right now the FSA is revising its policy again. The organization is planning to switch over to the Financial Instruments and Exchange Act. It is supposedly going to provide for a higher protection level of the users and their assets.

Another new feature provided by the Act is the new status of cryptocurrency. The current “title” of an electronic means of payment will be replaced by the official status of financial product. This “promotion” will most likely bring a stronger legislative base to the sphere of digital coins.

We would like to remind you that Japan has recently put out their requirements to ICO projects and startups.

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