Japan's Financial Services Agency keeps studying the crypto issue. This week, the regulator held the ninth meeting to discuss the work of the tast crypto team.
According to the unveiled information, the meeting covered rules for crypto wallets and providers of this services among other topics on the agenda. As it was stated, the companies in Japan that deal with cryptos must obtain a crypto exchange license. At the same time, the wallet providers are now not subject to the effective regulation.
Since the current rules fail to cover wallet suppliers as they are actually not involved in crypto trading, but just offer storage services, the proposed guideline suggests that service providers must become subject to regulation, rather than developers and hardware producers. The regulator noted that this business should be controlled as well.
The rules for wallet services will reportedly be developed in line with to the international AML and anti-terrorism funding policies.
As the news reports read, the authority considers the regulatory measures like internal control system, separate control of the clients' and company's assets, regular auditing and creation of reserve fund for refunding if users lose their money.