Japan to review cryptocurrency regulations, hoping to create conditions for the launch of cryptocurrency ETFs

BlockBeats news, October 2, according to foreign media reports, Japan plans to evaluate the effectiveness of its cryptocurrency regulations. This review will be carried out in the next few months and may pave the way for the country to launch a cryptocurrency exchange-traded fund (ETF).

An official from the Financial Services Agency (FSA) of Japan said that the review will measure whether the country's current approach to cryptocurrency regulation under the Payment Services Act (PSA) is sufficient. The PSA was originally enacted in 2009, and Japanese lawmakers have revised the PSA several times to respond to changes in the financial services landscape caused by the emergence of digital currencies. The bill recognizes Bitcoin and other cryptocurrencies as legal property. It also requires cryptocurrency exchanges to register and comply with the country's anti-money laundering (AML) and counter-terrorism financing (CFT) obligations. (Jinshi)