Japanese Revised Fund Settlement Act on Virtual Currency Effective From May 1

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • On April 3, 2020, the Japanese official Gadget, “Internet Edition Gadget” announced ‘Cabinet Office Ordinance Revising Part of Cabinet Office Ordinance on Virtual Currency Exchangers (Cabinet Office 35).’
  • However, it is the first time the specific date and time of the revised Act will be disclosed.
  • To protect users such as cryptocurrency exchange companies, the Acts include methods to strengthen regulations.

On April 3, 2020, the Japanese official Gadget, Internet Edition Gadget announced ‘Cabinet Office Ordinance Revising Part of Cabinet Office Ordinance on Virtual Currency Exchangers (Cabinet Office 35).’ It is exclusively found that the revised Fund Settlement Act on virtual currencies will commence from May 1, 2020.

The revised Acts were sanctioned this spring

The revised Funds Settlement Act and the Revised Financial Instruments and Exchange Act on virtual currencies were sanctioned this spring.

However, it is the first time the specific date and time of the revised Act will be disclosed. The revised Funds Settlement Act and the Financial Services Agency have issued government order before the enforcement of the law which instructs specific details and public comments.

The revised Acts include methods to fortify regulations on virtual currencies like bitcoin that were approved by the Upper House plenary session. This bill was passed last May. Just like the stock market, it was indicated that market navigation and rumors will be undoubtedly controlled.

The Acts include methods to strengthen regulations

To protect users such as cryptocurrency exchange companies, the Acts include methods to strengthen regulations. According to the revised Funds Settlement Act, if the projected revision of the Financial Commerce Law is imposed, rather than banning it lawfully, it will control hypothetical overheating in margin trading.

Before the approval of the revised settlement method and the revision of the Financial Instruments and Exchange Law, in February a media source exposed on Twitter the request for signature support in leverage ratio regulations proposed to be enforced by the Financial Services Agency.

The date of commencement of the newly revised Fund Settlement Act is visible in the CoinPost official app’s Cryptographic Index.

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