Japanese financial services Agency (FSA) is considering changing the legal framework of control of exchange operations with bitcoin and other cryptocurrencies, writes Сointelegraph with slyly the local media.
In particular, the FSA is considering the regulation of cryptocurrency exchanges in accordance with the Law on the financial instruments and exchange (FIEA) is currently in the Law on payment services. This means that exchanges will need to provide greater protection to customers. FIEA requires finkompany to manage clients ‘ funds and securities, such as stocks, separate from corporate assets.
Under current law, cryptocurrencies are legally positioned as the same payment instruments and electronic money. If the FSA starts to regulate stock exchanges under FEIA, scriptactive will be treated as a financial product. FIEA will also open up the possibility of implementing cryptographic derivatives such as exchange traded funds (ETF).
To revise laws regarding crypto exchanges FSA encourages hacking of the exchange Coincheck in January of this year, which were stolen more than $500 million in cryptocurrency NEM. After this incident, the FSA launched an investigation into the activities of 15 non-registered exchanges, finding a number of deficiencies in the security and management of business operations.
We will remind, after hacking Coincheck NEM Foundation announced the development of a mechanism for automatically tracking and marking of tokens XEM to prevent such attacks in the future.