The Cabinet of Ministers of Japan proposed amendments to the laws “On Financial Instruments and Exchanges” and “On Financial Settlements”. Thus, it is planned to consolidate a number of norms regulating the market for digital assets.
The Law “On Financial Instruments and Exchanges” is aimed at ensuring the transparency of markets and the safety of investors. It contains clear requirements for operations with derivatives and securities.
Several points may be added to Japanese law.
So, it is proposed to make cryptocurrency in a separate category – “cryptographic assets”. This is consistent with the definition adopted by the G-20 countries. Companies that deal with their exchange will receive the status of "agents for the exchange of cryptographic assets."
Cryptocurrency exchanges may be required to keep clients' funds in cold wallets. If for these purposes it is necessary to use the infrastructure that is connected to the Internet, then the assets should be provided with their own funds of the exchange.
Margin trading of digital assets is proposed to regulate by analogy with the markets of foreign currencies.
"In addition, cryptocurrency companies can prohibit the use of promotional materials that encourage speculation and indulge in dishonest practices (price manipulation, insider trading, etc.)."
Publication date 18.03.2019
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