The Japanese government changed the restrictions on cryptocurrency.

The Japanese government decided on the 15th that it would like to amend the law, including the tightening of restrictions on cryptocurrency trading companies. The Japanese government explained the contents of the draft amendments.

As there was a huge amount of virtual currency hacking cases last year, we will change the law to secure user protection and clarify rules.

The main points of the revised proposal are as follows.

● Name change to "Cryptographic asset"

Change the name of virtual currency to "cryptographic assets" and keep pace with the international community including 20 countries and regions (G20) meetings.

In addition, the name of the exchange company is also "the cryptographic asset exchange company" in the law.

However, this is just a legal name change, for example, there is no force that requires each exchange vendor to name cryptographic assets.

From the members of the study group, it was originally expected as a currency, such as "Japan was ahead of the world by enacting the Revised Fund Settlement Act, but the situation has changed since the virtual currency rise in 2017." The voice of having moved away from things has been one after another, and the mood of renaming to cryptographic assets has increased.

Last month, Prime Minister Abe also stated that he would call the virtual currency a "cryptographic asset."

● Measures against virtual currency outflow risk

Given the fact that there were two massive virtual currency spill incidents in 2018, in order to deal with the risk of spills, “the same amount of repayment resources (same, same amount of It is mandatory to hold “cryptographic assets”.

It also legally requires "Cold Wallet", which manages assets offline with respect to the virtual currency deposited by customers.

The limit of virtual currency managed by Hot Wallet will be considered in the future.

● Leverage trading

Cryptographic currency leverage transactions are subject to the regulations of the Financial Instruments and Exchange Act, as with FX.

The upper limit of leverage in the pending leverage transaction will be determined separately by Cabinet Office Ordinance etc., and the specific multiple will be determined taking into account the volatility at that time.

The FSA said, "I don't think the leverage ratio will be large."

At the study group on cryptocurrency exchange business, some members said that the upper limit has been doubled in foreign countries such as the EU.



He emphasized the importance of responding flexibly while looking at volatility and the like.

According to JVCEA, the virtual currency transaction volume in FY17 was 69 trillion yen, 80% of which was occupied by margin money and credit transactions.

● ICO regulation

With regard to ICO (initial coin offering), which is fund raising using tokens, it is clarified that ICOs that can be regarded as investments and that can be regarded as investments are subject to financial instruments transaction regulations.

Also, in the same way as stocks, etc., we will establish a system for information disclosure to investors and regulations on sales and solicitation.

According to the nature of the ICO, the study group is concerned with the sale of investment products.

Financial regulation, sales of payment and settlement means

About what is recognized

It has been reported that it is appropriate to carry out the regulation on payment and the necessary response.

● Other regulations

In addition, the ban on misrepresentation and hype by the exchange traders and the fraudulent acts such as the spread of the reputation and the price manipulation were included.

In addition, in response to the appearance of “a cryptographic asset that has problems such as being easy to use for money laundering because the transfer record is not disclosed”, “change the cryptographic asset handled by the exchange company as a notification in advance, and check for any problems. Maintain the mechanism.

The FSA cited a virtual currency with weak governance, which is prone to anonymous currency and forks, as a representative of "problematic cryptographic assets."

For custody traders who manage the customer's virtual currency, apply the “Regulations on management of cryptographic assets among the restrictions on cryptographic asset exchange traders” such as identity verification and separation management duties.

Based on the above content, we recommend that you check it by yourself.

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