In recent news, the Japanese House of Representatives reportedly passed new crypto regulation in the National Diet’s upper house.
At the plenary session conducted a while ago, the lower house is believed to have moved amendments linked to cryptocurrencies from the current financial law to the House of Representatives.
According to a news report, these two amendments to the financial laws of Japan, namely, the Financial Instruments and Exchange Act and Payment Services Act are motivated to consolidate local control over the trading of cryptocurrencies. The laws extend the regulation through an added legislation for marginal cryptocurrency trading.
Lawmakers in Chicago are also presented to be willing to Rework Gaming Regulations for Financially Feasible Casino of Chicago. Looks like the phenomenon of crypto laws is global with a common motive.
The Japanese law even consists of terminology on cryptocurrency, that changes the name of the virtual currencies to digital “crypto assets.”
Japanese authorities first exercised the cryptocurrency regulations for trading on margin in the month of March this year. The government functioning branch, Cabinet of Japan, sanctioned the amendments to be applied to Japan’s monetary instruments along with the payment laws, restricting the advantage pool in margin trading with cryptocurrencies by almost 2-4 times.
The term Margin trading implies the usage of broker borrowed funds to trade certain financial assets, which is possibly the collateral for a loan.
Minister of Finance in Japan along with the deputy prime minister urged the news reporters not to use the name virtual currencies for the digital money and resort to this newly legalized name “crypto-assets”.
The bill was officially entitled,
“A draft bill to amend some of the fund settlement laws, etc., in response to the diversification of financial transactions accompanying the advancement of information and communication technology.”
The new bill sanctioned by the House of Representatives also accompanied a 15 request resolution that, “require the government to clarify regulatory targets, deploy appropriate personnel, implement appropriate regulations in line with international standards, consider appropriate taxation methods, etc.,” a news report said.
The FSA said in recent news:
“The additional resolution (15 proposed items) is items which we should take into consideration before introducing the bill, and we should take appropriate responses to it at the time when the bill comes into effect.”
Among the requested items, the House of Representatives urged the FSA to re-evaluate and “Establish an effective inspection and supervision system from the viewpoint of user protection, etc. based on the current situation of crypto assets and [initial coin offering] ICO transactions in recent years.”
Besides making cooperation efforts with independent regulatory organizations, one item requests monitoring the crypto asset transfers as well as the right to transfer records, taxation income tax, etc. on revenues from crypto transactions, and take needed steps to improve.
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