The Japanese House of Councillors passes an amendment to the Crypto Assets bill to drop the entry threshold and strengthen asset protection.

MinerOldCannon · 2025-06-08T10:23:17+00:00

On June 8, it was reported that the Japanese Senate passed an amendment to the "Fund Settlement Law". The current bill, which was tabled in Congress in March of this year, includes the creation of a new "intermediary business" for cryptocurrency services. The amendments aim to respond to the digitalization of finance, while ensuring user protection and promoting innovation. It allows enterprises to engage in matchmaking services without the need to register as crypto asset exchanges, aiming to lower the market entry threshold and promote crypto financial innovation. The amendment also adds a "domestic tenure order" clause, giving the government the power to order platforms to retain some of their user assets in Japan if necessary to prevent the risk of asset outflow caused by FTX's bankruptcy. The new law is expected to come into force within one year from the date of promulgation.

MinerOldCannon

2025-06-08 10:23:17

On June 8, news came that the Japanese Senate passed an amendment to the “Funds Settlement Act.” The current legislation was submitted to the National Diet in March this year, including the establishment of a new “intermediary business” for Crypto Assets services. The amendment aims to respond to the process of financial digitalization while ensuring user protection and promoting innovation. It allows companies to engage in matching services without needing to sign up as Crypto Assets exchange operators, aiming to drop market entry barriers and promote innovation in crypto finance. The amendment also introduces a new “domestic retention order” clause, granting the government the power to order platforms to keep some user assets within Japan when necessary, preventing risks of asset outflow similar to those caused by the FTX bankruptcy incident. The new law is expected to come into effect within one year from the date of announcement.

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