Financial regulator of Japan, the Financial Services Agency (FSA), introduced a plan on how to regulate cryptocurrency wallet services. The plan consists of a number of regulatory measures and prospects about their implementation, according to the report of the regulator.
Such measures became a result of the ninth cryptocurrency study group meeting that was held by The Financial Services Agency (FSA) and was devoted to the problems of regulating cryptocurrency wallet services,
The FSA also pointed out that the current law does not apply to wallet service providers since they do not buy or sell cryptocurrencies — they merely manage and transfer them to customers.
Earlier it was reported that the Financial Services Agency (FSA) of Japan, the main financial regulator in the country, granted the crypto industry the status of self-regulating, allowing the Japan Virtual Currency Exchange Association (JVCEA) to control the exchanges’ activities.
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