More crypto news from the worldwide were brought to investors by RoboticsOnline (reviewed here). This time it was about Japan banks and their crypto services offered for people. So it looks like another country moves forward to full crypto regulation not to be left behind the progress AND along with that to switch on modern technologies into day-by-day workflow..
Here’s that:
Japan set to allow banks to manage crypto assets
Japanese banks could soon offer crypto-related services. This comes after a leading financial market regulator revealed a plan to create legislation that will be used to govern banks that are offering crypto services. The law will be formulated towards the end of the year.Japan banks to offer crypto services
According to a publication by Nikkei, the Financial Services Agency (FSA) will be behind this move to bring crypto assets into the traditional banking sector. The FSA is a regulatory body that works in the banking and domestic cryptocurrency sectors.
The FSA plan involves “deregulating” trust banks. This will allow these financial institutions to manage coin deposits. The FSA also said that this move would allow these financial institutions to treat cryptocurrencies like they treat “trust assets.”
The FSA also said that cryptocurrency assets were “volatile.” It also added that trading in these assets came with a high level of risk. The risky nature of cryptocurrency investments has been among the top reasons why some regulatory agencies are against allowing these investments.
The regulatory agency said it wanted to offer better investor protection while supporting the right market development to allow trust banks to offer crypto-based asset management services. To implement this change, the FSA plans to amend this legislation. It will also have a one-month consultation phase for its proposals before the decision is implemented into law. This new law is expected to become effective “as early as autumn” this year.
Crypto regulations in Japan
Japan has implemented new laws seeking to integrate crypto into the traditional banking sector. Recently, several changes were made to the Funds Settlement Law, allowing conventional banks, asset transfer providers, and trust banks to provide stablecoins pegged to the Japanese yen.
The FSA has been the main regulatory agency behind crypto regulations. The agency is expected to provide guidelines related to security tokens. Several Japanese institutions have shown interest in offering security tokens and supporting projects powered by cryptocurrencies.
The FSA was given authority over cryptocurrency exchanges and crypto wallet providers in September 2017. However, the crypto regulatory laws in Japan could change, given the sentiments shared by the government and the country’s Prime Minister, Fumio Kishida. The Prime Minister has hinted at the country easing taxes paid by crypto firms and supporting the growth of the Web3 sector.
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