FSA Denies Plans to Make Changes to Regulations Governing Cryptocurrency Exchanges

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Japan’s Financial Services Agency (FSA) finally refuted recent reports stating that it plans to make some changes to existing cryptocurrency regulations. The FSA is the government agency responsible for regulating the insurance, securities, exchange, and banking sectors in the country to ensure the stability of the financial system.

Shifting to Financial Instruments and Exchange Act?

FSA is responding to recent reports stating that the agency might be planning to change the existing legal basis of Japans cryptocurrency regulations. The report was initially published by the Japanese news outlet Sankei.com on July 3 and was quickly picked up by other publications.

According to Sankei, the FSA is considering a shift from the current revised fund settlement law in place to the Financial Instruments and Exchange Act (FIEA). The shift, according to the report, is aimed to improve customer protection.

FSA Says There’s No Such Fact

However, it now appears that the previous reports might be inaccurate. Recent reports have surfaced, stating that the FSA is now refuting the matter and insisting that there are no plans on changing cryptocurrency regulations at the moment.

The FSA’s denial was published by the Impress Corporation, a Japanese publication. When contacted for confirmation, the FSA responded by saying “there is no such fact.”

Japan’s Financial Services Agency regularly holds meetings attended by various experts to thresh out issues currently facing Japan’s cryptocurrency market. While such various topics can be discussed in such meetings, the FSA clarified that changes to crypto regulations are not on the agenda.

The FSA clarified:

At least, if there are such considerations, it will be taken up as an agenda for the study group. Things that are not on the agenda at all cannot be considered.

Japan is among the largest cryptocurrency markets in the world. Incidentally, the country is also the location of world’s biggest cryptocurrency heist when hackers successfully breached Coincheck’s system and looted more than $500 million in digital currencies in January. Understandably, the FSA does not want a repeat of that incident and has grown stricter in implementing policies to protect crypto investors.

FSA Denies Plans to Make Changes to Regulations Governing Cryptocurrency Exchanges was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.