The financial services Agency (FSA) of Japan hosted the ninth meeting of the study group on cryptocurrencies. One of the main topics on the agenda was the management plan cryptocell services and their providers.
Currently, companies involved in the cryptocurrency trading in the country, should, under current law, to register with the FSA as a crypto currency exchange. These rules do not apply to cryptocurrency wallets, because they do not buy or sell scriptactive, and just manage them, explained the regulator.
However, the Agency believes that the financial regulation of this activity is necessary because it is associated with payments.
According to the FSA plan presented at the meeting, the regulation will focus on the activities of service providers cryptocell.
Rules for dealing with wallets of digital assets will have to meet international standards for preventing money laundering and terrorist financing, the FATF established.
In addition, the research group discussed the risks associated with embezzlement of funds as a result of cyber attacks on the wallets, loss of asset failures and other security problems. Possible control measures here included maintenance of the systems of internal control, private asset management provider and clients, audits, financial reporting and reserving funds for the repayment of damages.
The group discussed the introduction of a transitional period for implementing regulation cryptocell. At this period they were forbidden to add new clients and assets will be obliged to inform sites of their registration status. Those who refuse to register will be required to notify users of the termination of activity, decided a meeting of the group.
Recall that Japan insists on the introduction of global rules for the regulation of cryptocurrencies, and most recently, the FSA held the first international round table on this issue. The regulator in October, has certified the created this year the Association of crypto-currency exchanges in the country as on of industry self-regulation and supported the initiative of the Association to limit leverage in the trade.
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