Japanese Financial Services Agency to Tighten Regulations on Crypto Investing

[kreslik.news]

The Japanese Financial Services Agency has announced plans to more strictly regulate speculative investments in cryptocurrencies, according to a new report from the Japan Times. The regulatory tightening allegedly comes as a result of the $530 million Coincheck hack that took place in January.

The proposed changes to existing laws would bring cryptocurrency exchanges under the legal jurisdiction of the Financial Instruments and Exchange Act (FIEA). The change would require exchanges to comply with laws that are currently only applicable to stock brokerages and financial securities firms.

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The revision would also ... (read more)