Regulation of crypto wallets in Japan

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The Economic Services Agency, which is the main financial regulator in Japan, advertised a program for coordinating cryptocurrency wallets services.

For the Agency for Economic Services (FSA), this was the ninth meeting to discuss the cryptocurrency industry exclusively. In accordance with the published materials, one of the key topics of the meeting was a plan to regulate the activity of crypto wallets. Experts have proposed a group of measures, and also indicate how to implement them.

Currently, the laws of Japan require that firms specializing in cryptocurrency activities, namely, the acquisition and sale of digital currency, be registered as a crypto-exchange.

The organization explains that the existing law does not apply to purse developers since they do not acquire and do not implement cryptocurrency – they actually manage them and transfer them to users. But since they have access to management, the agency believes that their activities also need to be settled.

Presented at the meeting plan, the focus is on service providers, not developers of software for crypto wallets. Almost all wallets exist solely as a code and do not have a specific person or firm behind their development and service.

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