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Japan's Financial Services Agency plans to regulate crypto wallet providers

16 Nov, 2018
by David Borman
News
Japan's Financial Services Agency plans to regulate crypto wallet providers

Bitcoin.com is reporting that Japan's Financial Services Agency (FSA) recently held its ninth cryptocurrency study group meeting. One of the main discussion points of this meeting was the plan to begin regulation on all providers of cryptocurrency wallets.

Current Japanese law only covers activities such as buying and selling, and therefore exchanges of course have to register. However wallet providers, as of now, have no such regulations. The FSA feels that since wallet services still handle the moving of large sums of money, they should come under regulation as well.

Proposed regulations involve having internal monitoring structures, separation of crypto for providers and customers, auditing of all financial statements and transparency about policies in the event of a hack.

It should be noted that the regulations are only being imposed on companies providing wallet services. Many software wallets only exist as code and have no company behind them to regulate.

This could be a healthy step forward for crypto policy in Japan. Seeing as it only extends to companies and not software, nobody will be forced into using a "regulated" wallet. Will other nations follow suit? Stick with Chepicap for all updates!

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