Japanese Senate Passes Amendment to the "Payment Services Act" Establishing a New System for Crypto Asset Intermediaries
On June 6, the Japanese Senate passed an amendment to the "Payment Services Act," establishing a new system for "crypto asset intermediaries." This allows companies to engage in brokerage services without needing to register as crypto asset exchange operators, aiming to lower market entry barriers and promote innovation in crypto finance. The amendment also introduces a "domestic retention order" clause, granting the government the authority to mandate platforms to retain a portion of user assets within Japan if necessary, to prevent asset outflow risks similar to the FTX bankruptcy incident. The new law is expected to be officially implemented within a year from its announcement.
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