- The bill was presented to the house by the Financial Services Agency (FSA).
- Japan can expect the amended laws to come into effect in April of 2020.
The House of Representatives in Japan has approved a new bill that seeks to amend the national laws that govern cryptocurrency regulations according to Cointelegraph on May 31. The said bill was presented to the house by the Financial Services Agency (FSA). It was received and accepted by the House of Councilors in its plenary session as the information on FSA’s website.
The bill is seeking to amend a couple of national laws that are currently governing cryptocurrencies. The first is the Act on Fund Settlement and the second is the Financial Instruments and Exchange Act. With the passing of the bill, it means that the country can expect the amended laws to come into effect in April of 2020.
The amended Acts will presumably tighten cryptocurrency regulation in the country especially when it comes to user protection, regulation on derivatives trading, limiting risk like hack attacks as well as develop a more transparent regulatory system for the new asset class.
The bill will also see a legal change of the name given to cryptocurrencies as “crypto assets” from “virtual currencies” as it had been designated earlier. There will be a major change in rules governing margin trading where the margin will be limited to two or four times the amount of the initial deposit.
Share
