{"id":4138,"date":"2020-04-16T10:38:31","date_gmt":"2020-04-16T10:38:31","guid":{"rendered":"https:\/\/www.sygna.io\/?p=4138"},"modified":"2020-05-12T03:11:27","modified_gmt":"2020-05-12T03:11:27","slug":"japan-crypto-asset-regulation-financial-services-agency-changes-psa-fiea-may-2020","status":"publish","type":"post","link":"https:\/\/www.sygna.io\/zh-hant\/blog\/japan-crypto-asset-regulation-financial-services-agency-changes-psa-fiea-may-2020\/","title":{"rendered":"Japan’s Financial Services Agency (FSA)To Enforce New Crypto-Asset Exchange Regulations from 1 May 2020"},"content":{"rendered":"\n

1. Introduction<\/a>
– Summary (TL;DR)<\/a><\/p>\n\n\n\n

2. Payment Services Act: May 2020 crypto revisions<\/a>
– New definitions: Crypto-assets and CAEPs<\/a>
– Separation of crypto exchanges’ cash flow and users’ funds<\/a>
– Crypto custodians to register with FSA<\/a>
– Regulation of privacy coins<\/a><\/p>\n\n\n\n

3. Financial Instruments & Exchange Act (FIEA): May 2020 crypto revisions<\/a>
– What are “electronically recorded transferrable rights (ERTRs<\/a>)?
– Limited derivative-based crypto trading<\/a>
– Prohibition of Unfair Acts of Advertising, Speculation, and Rumors<\/a><\/p>\n\n\n\n

4. Response from Japan’s Crypto Industry<\/a><\/p>\n\n\n\n

5. Conclusion<\/a><\/p>\n\n\n\n

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1. Overview<\/h2>\n\n\n\n
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Another watershed moment for Japan’s regulation of cryptocurrency assets and exchanges is looming. <\/p>\n\n\n\n

On May 1st, 2020, Japan’s new crypto-asset regulations, promulgated in April 2019<\/a>, officially finally come into effect. The new legislation that amends Japan’s Payment Services Act <\/a>(PSA) and Financial Instruments and Exchange Act (FIEA)<\/a> will be enforced by Japan’s leading financial regulator, the Financial Services Agency<\/a> (FSA).<\/p>\n\n\n\n

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\"financial<\/figure>\n\n\n\n
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In short, the regulations will help to protect crypto investors who entrust cryptocurrency exchanges and custodians with their assets, and also bring derivatives, security token offering (STOs) and Initial Coin Offerings (ICOs) under the oversight of the FSA.<\/p>\n\n\n\n

The new regulatory changes focus mainly on three areas: <\/p>\n\n\n\n

  1. Regulating crypto exchanges, custodians and products<\/li>
  2. Reforming existing “virtual currency” terminology<\/li>
  3. Creating measures to ensure proper transactions<\/li><\/ol>\n\n\n\n
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    \"\"<\/figure><\/div>\n\n\n\n
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    Summary of Revisions (TL; DR )<\/h4>\n\n\n\n
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    PSA Amendments:<\/h4>\n\n\n\n
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