By CCN: Japan's financial regulators are considering enacting new rules aimed at bitcoin exchanges as it steps up anti-money laundering countermeasures. This issue will also be raised at the forthcoming G20 Summit, which takes place in Osaka on June 28 and 29. Specifically, the Financial Services Agency (FSA) is targeting crypto exchanges that don't adequately confirm their clients' identities or...
By CCN.com: Japan's Financial Services Agency (FSA) has reportedly carried out unscheduled onsite inspections at cryptocurrency exchanges Huobi Japan and Fisco Digital Asset Group(FDAG). According to Reuters, the inspection is taking place so that the regulatory body can find out if the exchanges have been taking adequate steps to protect their customers, as well as to check for legal compliance...
Following similar action by Japanese financial authorities last year, the country's cabinet has approved a new raft of regulation aimed at bringing cryptocurrency trading into the mainstream fold. The Nikkei Asian Review reports that on Friday, the cabinet approved a set of amendments for existing payment services and financial instrument laws. Under the new regulations, cryptocurrency exchanges...
The Financial Services Agency of Japan is considering approving exchange-traded funds which track digital assets, Bloomberg reports. According to sources who confided in Bloomberg, the financial regulator is at the moment gauging sector interest in exchange-traded funds tracking cryptocurrencies. This comes less than a month since the financial watchdog put aside plans for cryptocurrency futures...
Citing “informed sources,” Japanese press outlet JIJI Press reports that the Japanese Financial Services Agency is soon to regulate Initial Coin Offerings. The regulation will involve investment limits “for better protecting them.” Similar to how securities tokens are required to register with the American SEC in the United States, companies which intend to issue virtual currencies in exchange...
Japan’s primary financial regulator has dramatically increased its screening process of applicants registering to open cryptocurrency exchanges, according to a local report. The Financial Services Agency (FSA), Japan’s financial regulator and watchdog, has “increased the number of questions asked when screening applications to about 400 items”, a four-fold increase from previous norms, the Japan...
Japan’s primary self-regulatory body for cryptocurrency exchanges is finalizing a proposal to enforce a limit on the amount of funds investors can borrow for margin trading of cryptocurrencies. The Japan Virtual Currency Exchange Association (JVCEA) is proposing a 4-to-1 limit on margin trading wherein investors will only be allowed to borrow up to four times their original deposit, Nikkei...
Japan’s financial regulator is reportedly considering a shakeup of its existing framework of regulating cryptocurrency exchanges to bolster customer protection norms and better secure investor assets. In April 2017, the Financial Services Agency (FSA) - Japan’s financial regulator and watchdog – enacted legislation that recognized bitcoin as a legal method of payment following a revision of the...