The financial services Agency of Japan (FSA) has denied rumours that it is considering changing the legal base for the regulation of cryptocurrencies.

July 3 edition of the Sankei Shimbun reported that the FSA wants to move away from the current Law on payment services and instead begin to regulate the cryptocurrency in accordance with the Law on the financial instruments and exchange (FIEA).

FIEA requires companies to keep funds and customer securities separate from corporate assets. In addition, they also must implement a strict system for the protection of investors, in particular, prohibiting insider trading.

Impress publishing Corporation asked the Department to comment on this information, to which the FSA responded that it is not true.

Financial controller meets regularly with experts, financiers and other industry participants to find solutions to the various problems surrounding cryptonote.

“If there are such considerations, then they will be considered as an agenda at the meeting of the research group … in the last 4 meetings, this topic was not discussed … Questions that are not included in the agenda cannot be discussed,” – said in comments to the Agency.

Industry experts believe that the transition to the FIEA will improve the regulation of cryptocurrency in the country and will prevent situations like last month when the FSA ordered was six exchanges to improve business practices, despite the availability of a license.

In the opinion of the partner of the law firm Anderson Mori & Tomotsune Ken Kawai (Kawai Ken), in the long perspective the transition to the FIEA possible, but this is unlikely to happen in the near future. In this case cryptocurrency derivatives such as futures, options and CFDs may fall under the regulation of the FIEA before the exchange.

We will remind, earlier it became known that Japan may abandon a progressive tax for capturadora.