For several months there had been talk of a legislative intervention that would have been launched by the Japanese parliament on cryptocurrency. In fact, today the law approved by the Japanese legislative branch arrives, which provides for a correction to the current regulations in force on cryptocurrencies. As reported also from the official Japanese website of FSA the law was approved with a plenary session that saw the majority of votes.
The law passed by Japan plans to amend the old cryptocurrency regulations, indicating as April 2020 the date of entry into force of the new regulatory decree. The changes provide for an average restriction on the activities they offer cryptocurrency and who see these as the main object of their business, in order to better protect users and investors, with the intention of regulating more cryptocurrency trading.
If on the one hand this new law could be a source of concern for Japanese operators, on the other hand it must be recognized that the government has tried to offer a framework sure, thus allowing more structured operators to be able to operate better in the country.
In fact, it had been weeks since we expected the approval of legislation that could lead large companies and financial groups to invest in Japan in order to open cryptocurrency trading activity following the new regulations. The legislation also offers a legislative framework intended for trading with margin on cryptocurrencies, also reducing leverage up to a maximum of 1: 4.
Near an international standard?
Japan is one of the first countries with an advanced economy who took care to carry out detailed legislation for cryptocurrencies. This could result in a cascading effect that could soon involve other economies, which could take the example of the regulation just approved in Japan. So many wait to see how the situation in this country will evolve to then adopt legislation on their example.