The supervision continued to follow, and the Japanese Finance Agency issued a draft investment guide for cryptocurrency funds.

According to Coindesk's October 4 report, the Japan Financial Services Agency (FSA) released a draft cryptocurrency investment guide on September 30. This is the latest move by the Japanese authorities to carefully manage the development of the cryptocurrency market without shutting down the cryptocurrency market.

Japan-217878_1280 (Source: pixabay )

The agency stated in the introduction to the revised draft of the regulatory guidelines:

It is expected that financial products invested in cryptocurrency assets (virtual currencies) will appear in the future. But at the same time, there are signs that investment in cryptocurrency assets is encouraging speculation. The Japan Financial Services Agency believes that people should be cautious about such products that invest in cryptocurrency assets.

The actual revision of the draft Fund Investment Guide is more ambiguous about this statement. The Financial Services Agency recommends that the fund be cautious when investing in assets other than normal assets and assess potential risks such as risks associated with volatility and liquidity. . It refers to assets that the fund needs to be treated with caution as “non-specific assets”.

The amendment warned that:

Special attention should be paid to funds that invest in such assets.

The local media said:

In the revised bill, virtual currency was not mentioned.

The Japan Financial Services Agency is currently seeking public comment on the amendments before the end of October.

In terms of cryptocurrency market regulation, the Japanese Financial Services Agency has made significant progress. The collapse of Mt Gox in 2014 and the hacking of the 2018 Coincheck exchange shocked Japan, and the country has been working hard to rebuild the cryptocurrency market. Since the beginning of 2018, the Japan Financial Services Agency has been fine-tuning the regulatory framework of the exchange and establishing a regulatory framework for cryptocurrency companies that issued the Payment Services Act and the Financial Instruments and Transactions Act in early 2019. Amendment.

In 2018, the agency did not approve any exchanges to go online, and in the first half of 2019, the Japan Financial Services Agency approved three new exchanges.

Last week, a self-regulatory organization (SRO) that helped promote STO development in the country showed that the private sector is preparing for a new regulatory environment.