On June 6, Japan's House of Councillors passed amendments to the Fund Settlement Law, establishing a new system for the "crypto asset intermediation industry" that allows companies to engage in matchmaking services without registering as a crypto asset exchanger, aiming to lower the barrier to market entry and promote crypto financial innovation. The amendment also adds a new "domestic possession order" clause, giving the government the power to order the platform to retain some of the user's assets in Japan if necessary, in order to prevent the risk of asset outflow caused by a bankruptcy event similar to that of a trading platform. The new law is expected to come into force within one year from the date of promulgation.
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The Japanese Senate passed a new law: drop the entry threshold for encryption intermediaries and strengthen user asset protection.
On June 6, Japan's House of Councillors passed amendments to the Fund Settlement Law, establishing a new system for the "crypto asset intermediation industry" that allows companies to engage in matchmaking services without registering as a crypto asset exchanger, aiming to lower the barrier to market entry and promote crypto financial innovation. The amendment also adds a new "domestic possession order" clause, giving the government the power to order the platform to retain some of the user's assets in Japan if necessary, in order to prevent the risk of asset outflow caused by a bankruptcy event similar to that of a trading platform. The new law is expected to come into force within one year from the date of promulgation.