Japanese Parliament Moves New Crypto Regulations to the Upper House
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Japanese Parliament Moves New Crypto Regulations to the Upper House

May 22, 2019      Cryptoknowmics

 

The Japanese House of Representatives has passed new crypto regulation in the upper house of the National Diet, local news agency Nikkei reports on May 21.

The lower house has reportedly moved crypto-related amendments to the existing financial law to the House of Councillors at a recent plenary session.

According to Nikkei, the amendments to two of Japan’s financial laws — the Financial Instruments and Exchange Act and Payment Services Act — intend to strengthen local regulations on cryptocurrency trading process. The amendments reportedly extend the regulation by adding legislation for cryptocurrency margin trading.

The new law also includes a change of crypto-related terminology, altering the term virtual currencies to “crypto assets.”

Japanese lawmakers first introduced the regulations for cryptocurrency margin trading in March 2019. The Japanese government’s executive branch, Cabinet of Japan, approved draft amendments to Japan’s financial instruments and payment services laws, limiting leverage in cryptocurrency margin trading at two to four times the initial deposit.

READ  Why Did The Stellar Network Halt? Theta with Samsung, Tomochain in Japan - Crypto News

Margin trading represents the use of borrowed funds from a broker in order to trade a financial asset, which forms a collateral for the loan.

In April, Japan’s Minister of Finance and deputy prime minister Taro Aso urged reporters to stop using the term virtual currencies and to shift to the newly-introduced legal name crypto assets.

Earlier today, Cointelegraph reported that Russia was delaying the adoption of crypto regulation due to a requirement from the Financial Action Task Force on Money Laundering to legislate the terms cryptocurrencies and bitcoin (BTC) instead of using the sole term “digital assets.”

Go to Source
Author: Helen Partz

#Crypto News #Crypto News Japan #Cryptocurrency #Cryptocurrency News
Cryptoknowmics
Cryptoknowmics

The dynamics of Crypto Fraternity is changing at a lightning speed. Access to most critical information in a timely and curated manner is extremely critical for the health of your investments. Cryptoknowmics is the fastest platform to bring and deliver news and critical information from above 3000 sources at your fingertips. We cover almost all aspects of cryptoworld from exchange, tokens, coins, dapps, ICOs, IEOs, STOs, events, airdrops, jobs, services, wallets, etc. We strive to be the complete solution for your crypto needs.