Japanese FSA released new regulations cryptocell

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The chief financial regulator of Japan presented the plan for the regulation of the provision of services by cryptocephalinae.

According to the published materials, one of the main topics on the agenda of the Agency governing the rules for rendering services cryptocell and requirements to their suppliers.

Currently, in accordance with the laws of Japan require that the company’s leading cryptocurrency activity in the country, and as cryptooperation, in the form of purchase and sale, were recorded as cryptomonas in the FSA.

The FSA explained that the existing in country the law does not apply in relation to the services cryptocell because they are not involved in buying or selling cryptocurrency, and control means, transmitting them to clients. Therefore, the Agency considers it necessary to apply the financial regulation.

Plan for regulation of

In the plan presented at the meeting focuses on the providers, since many of the wallets only exist as software code that is not represented by a company behind them.

Now rules cryptohalite will be aligned with international standards to prevent money laundering and financing of terrorism, FATF established. The new standards will take account of the recommendations of this organization regarding kryptomere, service providers and issuers cryptocell ICO.

The anticipated regulations may include separate control cryptocurrency held by the supplier and the customers, availability of systems of internal control, the audit of the financial statements, the publication policy of repayment of funds in case of theft or breach, the availability of funds, to pay compensation to customers.

During the transitional period, wallets will not be able to add new customers or coins. Those who refuse to register, and must declare on their websites, about the upcoming termination of the business.

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Labels: FSA, Japan

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