Japan passed the "Funding Algorithm" and "Gold Merchants Law" amendments: renamed "virtual currency" to "encrypted assets"

According to the Nikkei News, on May 31, the Japanese Senate General Assembly passed amendments to the "Financial Closing Algorithm" and the "Financial Commodities Exchange Act" to strengthen the supervision of cryptocurrency trading service providers and trading activities. Based on the expressions used by 20 countries and regions (G20) in international conferences, the meeting decided to change the name of “virtual currency” to “encrypted assets” and included the virtual currency in the regulatory object of the “Gold Merchants Law” in order to limit speculation. Trading behavior. The bill is expected to enter into force in April 2020.