Japan has revised the "Fund Settlement Algorithm" to relax the entry threshold for encryption asset intermediaries while strengthening regulation.
Gate News bot message, the Japanese Senate officially passed the amendment to the "Settlement of Funds Act" on June 6. According to the amendment, Japan establishes a new system for "encryption asset intermediary business", allowing companies to provide matching services without registering as encryption asset swap operators, thus dropping the market entry threshold.
The amendment simultaneously introduces a new clause of "domestic retention order," authorizing the government to require platforms to keep some user assets within Japan, aimed at preventing asset outflows similar to the bankruptcy of FTX. According to CoinPost, the amendment is expected to be implemented within one year after its announcement.
- 5