According to a statement from Japan's House of Representatives, the new Payment Services Act (PSA) and the Financial Services Act (PSA)Instruments and Exchangers (FIEA) will enter into force on May 1, 2020.
Two pieces of legislation were passed by the House of Representatives in 2019 and were due to enter into force in April 2020.However, due to unforeseen delays, the date for the official launch of the rules has been postponed.
Starting from May 1, all crypto exchangers shouldwill manage clients' money separately from their own cash flow. This means that it will be necessary for exchanges to find a third-party operator that would store customers' money and use cold-storage wallets for this.
The Financial Instruments Act (FIEA) defines the regulation of ICOs and STOs.Starting from the first of May, all crypto derivatives transactions will be managed by the FIEA.
FIEA prohibits legal entities and individuals from participating in the spread of rumors, the use of fraudulent schemes to sell, buy or participate in cryptocurrency derivatives exchanges.
Recall that last year, Japan shared its expertise in cryptocurrency regulation with finance ministers and central bank governors at the G20 summit.
Based on materialsthepaypers.com
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