How will the crypto asset business change with the shift to the Financial Instruments and Exchange Act? Regulators, industry bodies, and lawyers discuss the real state of regulation

RegulationDigital Finance
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A panel discussion was held on the transition of crypto asset regulation from the Payment Services Act to the Financial Instruments and Exchange Act, featuring the Financial Services Agency, industry bodies, and lawyers. Genki Oda, former chairman of the Japan Crypto Asset Trading Association, rejected the view that the shift to the Financial Instruments and Exchange Act would make business impossible, and took a positive stance, saying that clear rules would make it easier for businesses to see what they need to do. Nobuchika Imaizumi, counsellor at the Financial Services Agency, explained that the number of accounts at domestic crypto asset exchange operators has reached approximately 14.23 million, and that the regulatory shift is in line with the reality of crypto assets as an investment target. The bill passed the House of Representatives in June, and the main provisions are expected to come into force within one year of enactment, with transitional measures provided for existing operators. Ken Kawai, a lawyer at Anderson Mori and Tomotsune, described this change as moving from the world of young people into the world of adults, and pointed to the possibility that crypto asset exchange operators could take on infrastructure functions for on-chain finance, as well as new business opportunities such as brokerage services. On the other hand, he noted that regulation of DeFi and DEXs remains unorganized, and that the industry as a whole needs to pool its wisdom.

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