TechFlow, September 4 — According to Cointelegraph, the Japan Financial Services Agency (FSA) released a report on Tuesday recommending that cryptocurrency regulation be moved from the Payment Services Act to the stricter Financial Instruments and Exchange Act (FIEA) framework. This move aims to strengthen investor protection and address issues such as unclear disclosure, unregistered operations, and security risks within the industry. The report shows that Japan already has over 12 million cryptocurrency accounts, with total user deposits amounting to 5 trillion yen (approximately $33.7 billion). If the new rules are implemented, cryptocurrency issuers will face stricter disclosure requirements, and intermediary services will also be subject to tighter oversight. The proposal is currently an internal briefing document and awaits final decisions by the Financial System Council and the government.
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