Hiroyuki Mihara, chief operating officer of the Japanese crypto exchange Bitbank, said that in May last year, Japan passed relevant amendments to the "Fund Closing Algorithm" and "Financial Instrument and Trading Law", which will take effect around May this year. Mihara pointed out that with the implementation of the revised law, the margin requirements for cryptocurrency margin trading will be doubled and regulations on securities token issuance (STO) will be established. For cryptocurrency exchanges, doubling the margin trading rate will make the competitive environment more severe. On the other hand, competition will lead to a reduction in exchange spreads and increased liquidity, which will bring benefits to users. Note: In May last year, Japan passed relevant amendments to the "Fund Closing Algorithm" and the "Financial Instruments and Transaction Law", which stipulated that the name of "virtual currency" was changed to "crypto assets.