- Teng brought attention to the fact that 11 million people in Japan had crypto accounts last year.
- The CEO stressed the need for transparent rules in fostering the safe and long-term development of the crypto industry.
Binance CEO Richard Teng lauded Japan’s transparent regulatory framework and quick adoption of cryptocurrencies at an event in the host nation. Teng brought attention to the fact that 11 million people in Japan had crypto accounts last year. Addressing the Global Financial Technology Network Forum in Japan, Teng stressed the need for transparent rules in fostering the safe and long-term development of the crypto industry.
The Financial Services Agency (FSA) is in charge of Japan’s crypto regulatory landscape. Which ensures safety and transparency via the Payment Services Act (PSA) and the Financial Instruments and Exchange Act (FIEA).
Stringent Reforms
Moreover, exchanges must register, follow strict anti-money-laundering and counter-financing-of-terrorism rules. And be overseen by self-regulatory groups like the Japan Virtual Currency Exchange Association (JVCEA). Bybit, KuCoin, Bitget, Bitcastle, and MEXC Global were recently issued warnings by the FSA about their unlicensed businesses.
As reported by Odaily, a thorough reform proposal for crypto assets and stablecoins has been put out by Yufu Shigeyuki, Director of the Planning and Market Bureau of Japan’s Financial Services Agency. The working group meeting of the Financial System Council last month provides the basis for this suggestion. The implementation of a “domestic asset holding order” for operators of cryptocurrency exchanges is a noteworthy part of the legislation. With the goal of better protecting user assets.
Furthermore, the change will separate crypto brokerage services from other types of businesses. The strategy calls for stablecoins to have more leeway in trust-backed asset modifications. The Financial Services Agency plans to alter the Trust Business Act and the Payment Services Act in the future to better outline these improvements.
