Japan’s Financial Services Agency (FSA) proposed tighter crypto regulations to enhance investor protection 🇯🇵. The FSA suggests regulating cryptocurrencies under the Financial Instruments and Exchange Act (FIEA) to align with securities regulations. Key issues in crypto investments include lack of transparency, unregistered operations, and security flaws in exchanges. The FSA report, while not binding, aims to spark discussions within the Financial System Council for potential new rules 📈.
The FSA highlights the increasing role of crypto in Japan’s economy, with over 12 million crypto exchange accounts and billions in user deposits 💰. Despite this growth, small-scale trading dominates the market. The FSA also noted the rising popularity of crypto among Japanese investors, emphasizing the need for appropriate investment environments. The FSA’s push for stricter rules under the FIEA aims to address information asymmetry and regulate intermediaries 📚.
24,060
Lunam Points