Japan is preparing for a significant overhaul in cryptocurrency legislation. The Financial Services Agency (FSA) plans to amend the Financial Instruments and Exchange Act to include cryptocurrencies in insider trading laws.
Changes in Japanese Legislation
On March 31, Nikkei reported that Japan’s FSA plans to submit these amendments to the country’s parliament as early as next year. This measure aims to strengthen cryptocurrency trading oversight and is part of a new global trend in digital asset regulation.
Global Trends in Digital Asset Regulation
Global regulatory bodies are reviewing their stance on digital assets. The U.S. Commodity Futures Trading Commission (CFTC) has stated that digital asset derivatives will be treated like other financial products.
US Approaches and Their Impact
The Federal Deposit Insurance Corporation (FDIC) has introduced new rules allowing banks to engage in crypto transactions without specific permission, provided they manage risks. FDIC’s Acting Chairman, Travis Hill, pointed out that this new development differs from previous more conservative approaches.
These initiatives indicate a growing recognition of digital assets and the aim to create a safer and less volatile environment for their adoption.
