Crypto wallets will be regulated by Japan

Despite the rather priklnnoe news of monetary stabilizer in the Land of the Rising Sun to kriptoindustrii that with not so long ago has the status of a self-governing, district administrations renew implement the latest controls services, working with numerical SLE. Thus, during the ninth meeting of the Experimental category Agency of Japan cash services (FSA), dedicated cryptocurrency, monetary authorities lifted restrictions on the establishment of a legal framework for the monitoring service crypto-wallets. What caused this conclusion and how it is likely to affect the service kriptorynka in Japan-read in our material that was used.

According to the current legislation on payment services in Japan, all firms providing services in the field of digital asset trading, must be registered as kriptovalyutnye Exchange and obtain authorization from the FSA. Currently the country has 16 licensed kriptobirzh. In March this year licensed trading platforms have united into a compound of conventional exchanges SLE (SPVSE) to obtain the status of “Certified Commercial Communications in the area of ​​cash payments.” JVCEA still gives the answer because the consent of all the ambiguous questioner because of the creation of a legal framework consistent monitoring of the effectiveness of regional kriptobirzh. In October this year, the country’s main cash stabilizer has made a decision give kriptosvyazi provided by the self-regulatory status.

But due to the fact that the crypto-purses do not provide services in the field of trade numeric SLE and just dominate the asset, giving their customers, their activities do not fall under the jurisdiction of either the FSA, nor JVCEA. “Crypto-wallets like a bank account on which numerical SLE These services are stored as kriptobirzhi work with large volumes of cryptocurrency, but they do not obey the laws or stabilizers.” – explainedRegional Newspaper Itmedia deal of monetary authorities. However, FSA does not consider that the aim is to manage the wallets kriptovalyutnyh mutual settlements, which means that the main money the agency needs a set of power of the Supreme Leader to control their efficiency.

During the meeting, the experimental category the main emphasis was placed on the FSA general service provider in the field of conservation of number of assets, not the hardware manufacturers purses and software developers, as almost all purses have a code form in the absence of a ruling person or firm. In this case we are talking about the stabilizers, which are necessary for the ratio of the latest legislative framework with international standards in the field of prevention of money laundering and payment of terrorism, which were invented by the target categories in accordance with monetary developments (FATF).

Implementation of the legislative plan

During the meeting, the experimental category separately FSA saw danger associated with the introduction of services on the preservation of digital assets. according to information category, especially the users of these services are faced with the options of loss medication during cyber attacks, disruptions in wallets and money laundering. In this regard, the list of corrective measures to be included ::

  • Creating a birth defects monitoring system development;
  • cryptocurrency management is inherent in the general service provider and its customers;
  • Audit of financial statements;
  • Company Advertising politicians on the option of breaking;
  • Provision of reserve funds to compensate customers lost medicines.

However, in accordance with the intentions of monetary stabilizers of the rising sun, in the transition to the newest services to preserve the top-level cryptocurrency not all chances to add the last common service providers, buyers or cryptocurrency and tokens. Most importantly, these services will have to publish the status of their registration with the FSA on their official websites. Those services that categorically refuse to register will be covered. In this case, short-term limits on the entry does not set in the past leaders.

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