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Japan Hardens Rules for Cryptocurrency Storage and Trading
The Japanese government is creating new – and potentially expensive – rules for all cryptocurrency companies.
By John Biggs
Updated Sep 13, 2021, 9:15 a.m. Published May 31, 2019, 6:00 p.m. 1 min read
Japan has officially revised its laws to provide more clarity – and tighter controls – over cryptocurrency.
The legislation amending the Payment Services Act and Financial Instruments and Exchange Act was formally enacted on May 31 and will take effect in April of next year.
Among the notable changes, the act does away with the definition of “virtual currency” and replaces it with the broader term “cryptographic assets.”
Further, any company even storing cryptocurrency will be considered a “cryptographic asset exchange” and thus required to register and maintain what experts believe will be an expensive license.
“Smaller companies will need abundant funds if more stringent management systems are required. It may be impossible to maintain existing business unless it changes,” said Masahiro Yasu, CEO of ALIS, token-based social media system that will be affected by the change.
The new law, which had been in the works for months, will also limit margin trading in cryptocurrency.
Original article by Katsuyuki Konishi at Coindesk Japan.
Higit pang Para sa Iyo
XRP hit a 15-week low before stabilizing, with traders watching whether the latest washout turns into a base or another leg lower.
Ano ang dapat malaman:
- XRP has fallen to a 15-week low near $1.32, with sellers repeatedly overpowering attempts at price recoveries despite signs of tokens leaving exchanges.
- More than 25 million XRP have moved off exchanges and spot XRP ETFs have drawn about $1.42 billion in cumulative inflows, but these accumulation signals have not...
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