• Teng noticed the fact that 11 million people in Japan had crypto accounts last year.
  • The CEO emphasized the need for transparent rules to promote the safe and long -term development of the crypto industry.

Binance CEO Richard Teng Loved Japan’s transparent regulations and rapidly adopting Cryptocurrencies at an event in the host nation. Teng noticed the fact that 11 million people in Japan had crypto accounts last year. Teng, who dealt with Global Financial Technology Network Forum in Japan, emphasized the need for transparent rules to promote the safe and long -term development of the crypto industry.

Financial Services Agency (FSA) is responsible for Japans Crypto Regulatory Landscape. Which ensures security and openness through the Payment Services Act (PSA) and the Financial Instruments Act and exchanged (FIEA).

String reforms

In addition, exchanges must register, follow strict anti-money wash and counter-financing of the terrorism rules. And is monitored by self -regulating groups such as Japan Virtual Currency Exchange Association (JVCEA). Bybit, Kucoin, Bitet, Bitcastle and Mexc Global were recently issued by FSA about their unlicensed companies.

As reported by Odaily, a thorough reform proposal for crypto assets and Stablecoins has been laid out by Yufu Shigeyuki, head of Planning and Market Bureau of Japan’s Financial Services Agency. The working group meeting in the Financial System Council last month provides the basis for this proposal. The implementation of a “domestic asset order” for operators of Cryptocurrency exchange is a remarkable part of the legislation. With the goal of better protecting users’ assets.

In addition, the change will separate crypto services from other types of companies. The strategy requires Stablecoins to have more games in confidence -supported assets. Financial Services Agency plans to change the Act on Trust Companies and the Payment Services Act in the future to better describe these improvements.

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