Japan's Financial Services Agency is pushing ahead with a financial product regulation plan that would ban banks and insurance companies from selling virtual currencies, while allowing institutions such as securities firms to conduct virtual currency sales.
Previously, Japan's Financial Services Agency has regarded virtual currencies as investment targets and has been exploring plans to regulate them under the Financial Commodities Exchange Law. The Financial Services Agency believes that virtual currency prices are volatile and there is a risk of asset leakage due to cyber attacks, so the interests of depositors and insurance contract holders need to be protected.
However, in view of the fact that Internet securities companies and other institutions are already conducting virtual currency sales, from the perspective of fair competition, the Japanese Financial Services Agency has initially decided to allow the securities subsidiaries of banks or insurance companies to sell virtual currencies.
The report also noted that "it is expected that the FSA will only approve the holding and operation of virtual currencies by banks or insurance companies after the risk management measures are improved."
Japan's Financial Services Agency plans to submit relevant legal amendments at the regular Diet next year.
Japan plans to ban banks, insurance companies from selling virtual currencies, and securities companies may be licensed
2025-10-23 05:05:55
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