Japan plans major shift as crypto moves from payments to securities law
Japan plans to move crypto regulation from payments law to securities rules, tightening disclosures for IEOs and cracking down on unregistered platforms.
Japan’s financial regulators are preparing to move crypto asset oversight out of the country’s payments regime and into a framework designed for investment and securities markets.
The Financial Services Agency (FSA) on Wednesday released a comprehensive report from the Financial System Council’s Working Group on the regulatory status of cryptocurrencies across multiple sectors.
The document outlines a plan to shift the legal basis for crypto regulation from the Payment Services Act (PSA) to the Financial Instruments and Exchange Act (FIEA), which is the primary law regulating securities markets, issuance, trading and disclosures.
