The Japanese House of Representatives Introduced New Crypto Regulations

The Japanese House of Representatives has passed new crypto regulation in the upper house of the National Diet, local news agency Nikkei reports. The lower house has moved crypto-related amendments to the existing financial law to the House of Councillors at a recent plenary session.

The amendments are done to two of Japan’s financial laws — the Financial Instruments and Exchange Act and Payment Services Act. They intend to strengthen local regulations on cryptocurrency trading, and reportedly extend the regulation by adding legislation for cryptocurrency margin trading. The new law also includes amendments of crypto-related terminology, changing the term virtual currencies to “crypto assets.”

Japanese lawmakers first introduced the regulations for cryptocurrency margin trading in March 2019. The Cabinet of Japan, approved draft amendments to Japan’s financial instruments and payment services laws. In April 2019, Japan’s Minister of Finance and deputy prime minister Taro ASO urged reporters to stop using the term virtual currencies and to shift to the newly-introduced legal name “crypto assets”.

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