According to local publication Sankei, Japan's financial services agency is considering revising the law regulating crypto exchanges. According to the report, the agency decided to amend the Financial Instruments and Exchange Act (FIEA) because current legislation does not effectively protect investors' money in the event of a business failure.
Among other things, FIEA requires exchangers and companies to keep client funds separate from corporate assets. If cryptocurrency exchanges are carried out in accordance with securities laws, digital currencies will be considered a financial product, so all customers will be protected.
Japan recognized Bitcoin as legal tender by issuing a virtual law in April 2017. The regulator requires crypto exchangers to obtain a license - in September, 11 exchanges received it. It is reported that approximately 3.5 million people in the country own cryptocurrency.
However, Japan also has problems. The largest of them is robberies of crypto exchanges for hundreds of millions of dollars. In response, the FSA began to crack down on the sector, issuing warnings and bans on transactions with anonymous cryptocurrencies like Dash or Monero.
South Korea
As reported by thebchain.co.kr, the South Korean government announced the creation of a new classification cryptocurrency enterprises. Under the new system, the blockchain industry will be divided into three categories, and subdivided into 10 more. These three categories are:
• “Software development and delivery”
• “Computer programming and management”
• “Web hosting services on the blockchain”
The first category includes gaming decentralized platforms for applications (like Ethereum). The second includes activities related to mining. The third includes cryptocurrency exchangers.
The decision was made taking into account the recommendations of more than 160 institutions. These include ministries, regional municipalities, financial companies and corporations. According to the publication, the classification will come into force at the end of July.
Malta
Joseph Muscat, Prime Minister of Malta, posted a post on his Twitter in which he confirmed the information about the adoption of bills published in May, and created to attract blockchain companies.. One of the laws concerns initial coin offerings, the second is intended for the development of the governing body of the region, the third is a general bill.
The bills were read out in the Maltese Parliament today, all members voted unanimously in favor.
Muscat told CCN reporters: “This is the final stage of creating legislation that will make Malta a leader in the field of blockchain and cryptocurrencies. We believe that this industry will be the foundation for our financial growth over the next 4-5 years.”
Malta has already managed to attract two of the largest crypto exchanges in the world to its island, which means that more cryptocurrency passes through Malta than through any other country.
According to financemagnates.com
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