• Days
  • Hours
  • Mins
  • Secs
  • Sat, 19 Oct 2019, 03:17 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Japan passes bill to impose stricter cryptocurrency rules

Mon, 03 Jun 2019, 09:35 am UTC

Japan has revised its laws to bring more clarity and impose stricter controls over cryptocurrencies, CoinDesk reported.

Last month reports suggested that the House of Representatives, the lower house of the National Diet of Japan, passed a bill to amend two existing financial laws – the Funds Settlement Act and the Financial Instruments and Exchange Act – both of which govern cryptocurrency regulation.

The bill has now been passed by a majority in the Diet’s upper house, the House of Councilors, Cointelegraph reported citing an update on the FSA’s website. The legislation will come into effect in April 2020.

The new law, among other things, replaces the term “virtual currency” with a broader term “cryptographic assets.” In addition, any company that stores cryptocurrencies would be considered a “cryptographic asset exchange” and would, therefore, be required registering and maintaining a license.

The act will also introduce stricter legislation for cryptocurrency margin trading, limiting leverage to two to four times the initial deposit.

Recently, the President of the Chamber of Chamber of Deputies of Brazil, Rodrigo Maia, ordered to set up a special commission to deliver an opinion on a bill that aims to regulate cryptocurrencies in the country. Egypt, on the other hand, is said to be considering softening its stance on cryptocurrency regulation.

The Financial Stability Board (FSB), an international body monitoring the global financial system, last week released a report on crypto-assets focused on the ongoing work, regulatory approaches and potential gaps.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,955.57 (-1.92%)
  • Ethereum (ETH) $173.34 (-2.18%)
  • XRP (XRP) $0.292300 (-1.87%)
  • Bitcoin Cash (BCH) $212.82 (-3.15%)
  • Litecoin (LTC) $53.26 (-2.46%)
  • Bitcoin (BTC) $7,955.57 (-1.92%)
Oct 18, 2019 (Friday)
12:51
Telegram’s claim “Grams will not be security once TON Blockchain launches” is insufficient, argues SEC
11:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:51
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:23
US Senator comes out in support of Facebook’s crypto, finds hostility towards Libra “puzzling”
10:38
Crypto Technicals: BCH/USD tests trendline support (209), dip till 78.6% Fib (168.35) likely
10:13
IBM, Raw Seafoods partner to digitize scallops supply chain using blockchain
08:48
India’s Reliance Industries reveals blockchain plans for Bill of Lading and Letter of Credit transactions
07:48
Crypto Technicals: Ripple (XRP) erases most of previous session's gains, retrace below cloud dents further upside
07:22
Crypto exchange Upbit operator Dunamu to launch OTC trading platform for unlisted securities
06:52
Crypto Technicals: ETH/USD fails to extend recovery, resumes weakness, 167.50 (Oct 6 low) in sight
06:22
Stablecoin initiatives highlight shortcomings in cross-border payments: G7 Working Group
06:11
Crypto Technicals: LTC/USD extends choppy trade below 21-EMA, bias bearish
05:02
Crypto Technicals: BTC/USD confined to narrow range, bias bearish below 5-DMA (8132)
04:48
Telegram calls SEC’s emergency injunction “unreasonable”, argues gram tokens are not securities
Oct 17, 2019 (Thursday)
13:38
Bermuda to develop blockchain-based national ID system with Shyft and Perseid Network
12:52
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:48
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:59
Samsung SDS partners with Tech Mahindra and Pega to launch blockchain-based traceability solution
11:13
Telegram proposes to postpone TON blockchain project launch to April 2020, seeks investors’ consent
10:41
Crypto Technicals: TRON (TRX) resumes weakness, break below 20-DMA could see fresh multi-month lows
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft