Carefully examine this system design: exchanges bear the compliance burden, intermediaries only handle matchmaking, risk isolation is clear and transparent, Asian regulatory sample +1

The Financial Services Agency of Japan disclosed during an online briefing on May 15 that, following the revision of the "Fund Settlement Act," a new system for crypto asset intermediary businesses and registration procedures have been established, expected to be implemented in early June 2026. This system is aimed at entities that are entrusted by crypto asset exchanges or stablecoin trading operators and only provide buying, selling, or exchange mediation services. It prohibits intermediary businesses from holding user assets in custody. The regulatory requirements are lower than those for exchange licenses, which may encourage companies in gaming and e-commerce sectors to participate in crypto asset service referrals.