New Japanese Crypto Regulations Now Moved To The Upper House
The Japanese House of Representatives has passed new crypto regulation in the upper house of the National Diet.
According to the report the lower house has moved crypto-related amendments to the existing financial law to the house of Councilors at a recent plenary session.
The move is an amendment to two of Japan’s financial laws: the Financial Instruments and Exchange Act and Payment Service Act which is intended to strengthen local regulations on cryptocurrency trading process.
The new law includes a change in the terminology used to address virtual currencies to crypto assets as well as limiting leverage in cryptocurrency margin trading at two to four times the initial deposit.
Japan is moving forward refining its laws to bring regulatory clarity in the space which will enable mass adoption and quell concerns due to uncertain regulations.
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