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The Japan Financial Services Agency (FSA) has published a new draft report describing the country's latest regulatory framework for cryptocurrencies and initial coin offerings (ICOs). Japan, which this year has been hit by two major cryptocurrency exchange hacks, has begun to tighten policies to restore consumer protection.
The draft, published Friday, covers several topics, including hacking and regulating operators whose registrations are pending.
According to a report published by Bitcoin.com, the draft was addressed to the eleventh meeting of the FSA study group, where it met few objections.
Emphasizes
- The FSA urges exchanges to adhere to the certificate [self-regulatory] association, "Japan Virtual Currency Exchange Association (JVCEA) .The FAS will work together with self-regulatory association and traders who fail to register with the association can be closed.
- The FSA will impose equity for each encryption "equal to or higher than the currency and repayment funds" to provide consumers with protection against a hack.
- The FSA states that three dealers who are awaiting regulatory approval – Coincheck, Lastroots and Everyco & # 39; s Bitcoin – are no longer able to grow their business until they are fully registered with the FSA. Specifically, it is forbidden for exchanges to list additional currencies.
- The FSA can apply the securities regulations to initial coin offerings (ICO) through "administrative measures".
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According to the Bitcoin.com report, the project introduces several other measures.
"The FSA has proposed measures such as the introduction of a registration system, the maintenance of an internal control system, the separation of the management of cryptocurrencies of exchanges and customers, the publication of response policies in case of incidents of hacking and maintaining repayment funds. "
Michael Ou, CEO of CoolBitX, a blockchain security company based in Asia, writes
"While government news reports make news, even private companies in Japan are working hard to improve the cryptography market: there are more than a dozen Japanese cryptocurrency exchanges here, with a growing number of Japanese companies who accept cryptocurrencies as payment and with many start-ups in the thriving Japanese technology scene, it is fair to sense that continuous investments will inspire continuous innovation. "
Disclaimer: the opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and operations are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital assets, nor The Daily Hodl is an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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